Advice on Bankrupcy!!

CocoLoco_3

I'm hoping that you made a typo and that you don't really spend £228 a month on haircuts! :rotfl:
Your mobile phone bill is awfully high at £90pm. Can you cut this down to about 1/3 of this? £47 on satellite tv can be reduced. £100pm for presents will also need to be reduced.
How much is the mortgage on your buy-to-let, and how does that compare to the rent you receive?
You've included your partner's mortgage payments - how much do you contribute to this?

fiveyearplan

sarchet wrote: »

We have just completed the SOA as below, items such as the car is not my assets but my partners, but I do pay some small contribution towards it.

Company I worked at went into liquidation in Oct last year and have since found employment but not full time (22 hours per week currently).

It is confusing, so I have listed my partners mortgage at top, but put my buy to let further down under debt/assests.

Most of the debts are to do with a business which went into liquidation in Oct and I was a director along with my mother, so I kind of inherited the debts!! it is a long story..........

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1 put 0 then partners asset not mine!
Monthly Income Details
Monthly income after tax................ 470
Partners monthly income after tax....... 1083 don't put total income but her contribution
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1553
Monthly Expense Details
Mortgage................................ 720 Partners mortgage in her name
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 30 what is this for?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 35 seems too low
Gas..................................... 35 seems too low
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 15 £60 max for landline and mobile - don't include her mobile
Mobile phone............................ 90
TV Licence.............................. 12
Satellite/Cable TV...................... 47 not allowed - must come out of surplus
Internet Services....................... 10 is this needed for work?
Groceries etc. ......................... 260
Clothing................................ 20 this is too low
Petrol/diesel........................... 80
Road tax................................ 35
Car Insurance........................... 42
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2.6 £15
Pet insurance/vet bills................. 7.5 £10
Buildings insurance..................... 8 this seems low
Contents insurance...................... 8 This seems low too
Life assurance ......................... 23
Other insurance......................... 26 what is this?
Presents (birthday, christmas etc)...... 100 not allowed
Haircuts................................ 228 where do you get your hair cut? £10 max.
Entertainment........................... 0
Holiday................................. 0 £40
Emergency fund.......................... 0
Total monthly expenses.................. 2016.1

Assets
Cash.................................... 0
House value (Gross)..................... 115000 this is my buy to let
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 115001 What buy to let is prob worth
at the mo!!
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(291)......0 this is the buy to let house
Hire Purchase (HP) debt ...... 600......(30).......0
Total secured & HP debts...... 136600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card x 2................5000......50........0
weatherbies finance............15000.....50........0
lloyds tsb.....................11500.....50........0
Total unsecured debts..........31500.....150.......-

Monthly Budget Summary
Total monthly income.................... 1,553
Expenses (including HP & secured debts). 2,016.1
Available for debt repayments........... -463.1
Monthly UNsecured debt repayments....... 150
Amount short for making debt repayments. -613.1
Personal Balance Sheet Summary
Total assets (things you own)........... 115,001
Total HP & Secured debt................. -136,600
Total Unsecured debt.................... -31,500
Net Assets.............................. -52,499
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

I've made some comments in purple above. You don't include your OH's personal expenses which is why you also don't include her total income.

tigerfeet2006

sarchet wrote: »

We have just completed the SOA as below, items such as the car is not my assets but my partners, but I do pay some small contribution towards it. Put the car in the section that says vehicles I have use of on the forms and not under your assets.

Company I worked at went into liquidation in Oct last year and have since found employment but not full time (22 hours per week currently).

It is confusing, so I have listed my partners mortgage at top, but put my buy to let further down under debt/assests.

Most of the debts are to do with a business which went into liquidation in Oct and I was a director along with my mother, so I kind of inherited the debts!! it is a long story..........

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1 partners asset not mine!
Monthly Income Details
Monthly income after tax................ 470
Partners monthly income after tax....... 1083
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1553
Monthly Expense Details
Mortgage................................ 720 Partners mortgage in her name The only problem I can see is if the OR thinks you may have some beneficial interest in the house. It might be worth putting down you are renting a room. Though wait and see what others say about it.
Secured loan repayments................. 0
Hire Purchase (HP) repayments........... 30 what's this?
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 35 is it really this low?
Gas..................................... 35ditto
Oil..................................... 0
Water rates............................. 32
Telephone (land line)................... 15
Mobile phone............................ 90 maximum £60 for landline and mobile
TV Licence.............................. 12
Satellite/Cable TV...................... 47 Not allowed on your SoA but can come out of surplus.
Internet Services....................... 10 ditto unless needed for work
Groceries etc. ......................... 260 £375/400
Clothing................................ 20 £40/50
Petrol/diesel........................... 80
Road tax................................ 35
Car Insurance........................... 42 is this fully comp?
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 2.6 £20
Pet insurance/vet bills................. 7.5 £20
Buildings insurance..................... 8
Contents insurance...................... 8 does this include accidental damage? A good idea if you are going BR.
Life assurance ......................... 23 The OR might be interested in this.
Other insurance......................... 26 what is this?
Presents (birthday, christmas etc)...... 100 Not allowed. Some OR's may allow £20 to go through.
Haircuts................................ 228:eek: £10
Entertainment........................... 0
Holiday................................. 0£30
Emergency fund.......................... 0
Total monthly expenses.................. 2016.1

Assets
Cash.................................... 0
House value (Gross)..................... 115000 this is my buy to let
Shares and bonds........................ 0
Car(s).................................. 1
Other assets............................ 0
Total Assets............................ 115001 What buy to let is prob worth
at the mo!!
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 136000...(291)......0 this is the buy to let house
Hire Purchase (HP) debt ...... 600......(30).......0
Total secured & HP debts...... 136600....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
credit card x 2................5000......50........0
weatherbies finance............15000.....50........0
lloyds tsb.....................11500.....50........0
Total unsecured debts..........31500.....150.......-

Monthly Budget Summary
Total monthly income.................... 1,553
Expenses (including HP & secured debts). 2,016.1
Available for debt repayments........... -463.1
Monthly UNsecured debt repayments....... 150
Amount short for making debt repayments. -613.1
Personal Balance Sheet Summary
Total assets (things you own)........... 115,001
Total HP & Secured debt................. -136,600
Total Unsecured debt.................... -31,500
Net Assets.............................. -52,499
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Do you pay any professional/union fees?

skylight

You cannot include your partners mortgage cost in your SOA. Its her personal mortgage and has nothing to do with you. If you try to argue that it does, then your OR can argue back that you therefore have beneficial interest in her property.

Take out her mortgage (and your partners other assets and outgoings) and reduce your partners contribution to the household by the same (little more) amount.

tigerfeet2006

Thanks Skylight. I must admit I was concerned about that. Do you think he can say he pays rent?

skylight

I guess its how long they have been together? For many years, then a lodger is going to be a difficult one to pull and you could be deemed as having BI too; it will be assumed you have contributed to the household. What level of BI though is anyones guess.

fiveyearplan

Tiger - we seem to be thinking the same - even to the colour we chose to reply hehehe.

Skylight - thats 3 weeks 2 days until your AD - Woahooo.

JCS1

sarchet wrote: »

We have just completed the SOA as below, items such as the car is not my assets but my partners, but I do pay some small contribution towards it.

Company I worked at went into liquidation in Oct last year and have since found employment but not full time (22 hours per week currently).

It is confusing, so I have listed my partners mortgage at top, but put my buy to let further down under debt/assests.

Most of the debts are to do with a business which went into liquidation in Oct and I was a director along with my mother, so I kind of inherited the debts!! it is a long story..........

Was it a limited company? if yes, the debts are not yours or your mothers unless you signed personal guarnatees.

sarchet

Thanks!!

I have filled in the SOA completely wrong!!

Will have another go , just with my own salary and stuff!!