My 1st SOA

Summer1969

That is fair enough, as I said, it all depends on you and your OH's own personal circumstances. Just wanted to make sure you had looked at all the options.

Wkdwill

Summer1969 wrote: »

That is fair enough, as I said, it all depends on you and your OH's own personal circumstances. Just wanted to make sure you had looked at all the options.

I had originally thought about just me going bankrupt but both of us doing it seems the better option.

Thanks

RAS

Wkdwill

Your situation is very complicated, with the failed IVA etc.

On the other hand new rules are coming in re debt relief orders - see here
http://forums.moneysavingexpert.com/showthread.html?t=1385275 which might be appropriate for OH?

So i think you need to talk to one of the debt charities and check out you SOA, before you decide what to do.

Wkdwill

RAS wrote: »

Wkdwill

Your situation is very complicated, with the failed IVA etc.

On the other hand new rules are coming in re debt relief orders - see here
http://forums.moneysavingexpert.com/showthread.html?t=1385275 which might be appropriate for OH?

So i think you need to talk to one of the debt charities and check out you SOA, before you decide what to do.

Thanks RAS

A few more questions, how would I work out my SOA if its just me going bankrupt? Would I include the car? (its in DH's name, I dont drive) Would I include some if not all of DH's income or work it out so he pays for half of everything?

Thanks

peachyprice

You don't include the car as an asset as it belongs to your OH, and you don't use it.

When you fill out your SoA you put down all the household bills in full as you have, plus your own personal expenses and child expenses, but nothing that is just OH's (his mobile, car, hair etc.). In the income bit you put your income which for you is £0, benefits, then you put your OH's contribution not his whole salary, however much you need to make your SoA balance, leaving you with no surplus.
Hope that makes sense

natalouie

In the year before I decided to face bankruptcy i decided to protect my husband and repayed all debt in his name and none of mine. To do this knowing you are going BR is certainly wrong as you are favouring one creditor over another. Something to contemplate for those yet undecided or still with hope to repay, enough said.

natalouie

If it is just you facing BR you are not the owner of the car and as you do not drive it either it should not go on form at all.
You should enter your income and expenses and a contribution from your OH for living expenses. He will not be under scrutiny as he is not going BR. For example if he earns £600 per month his contribution could be £400. He does not have to explain what he does with the rest. It needs to be realistic though about half of your monthly expenditure minus car and extras. £8k is not alot to go BR for is there another way maybe?
hope this helps.

natalouie

Sorry peachyprice just read your last message with my eyes open this time! Think it is a snap!
natalouie

natalouie

Do not worry about failed IVA 99% of the petitions I type for court have one.
You may want to check if it was mis sold in the first place. For example to sell/ recommend an IVA to someone who would be better off going BR is miss sold. If you have no assets and low income the IVA was probably miss sold. There is a lot of this about as IVA companies cash on desperate people.
natalouie

Wkdwill

natalouie wrote: »

If it is just you facing BR you are not the owner of the car and as you do not drive it either it should not go on form at all.
You should enter your income and expenses and a contribution from your OH for living expenses. He will not be under scrutiny as he is not going BR. For example if he earns £600 per month his contribution could be £400. He does not have to explain what he does with the rest. It needs to be realistic though about half of your monthly expenditure minus car and extras. £8k is not alot to go BR for is there another way maybe?
hope this helps.

£8k is my husbands debt, mine is £16k.