Taking the bankruptcy route! Advice please

leftatthelights

You definately need a sense of humour when you are about to go BR!!!

I mite just walk in there wearing my nightgown (dont know if nightgown is the right word coming from a man), homer simpson slippers and a bowl of weetabix?? Theres no dress code for bankruptee's as far as im aware??:rotfl:;)

Youve all cheered me up tonite for certain!!:D!!

leftatthelights

Oh, I forgot to ask last night. Is it much harder to obtain car insurance once you are BR??

philnicandamy

leftatthelights wrote: »

Oh, I forgot to ask last night. Is it much harder to obtain car insurance once you are BR??

depends who your currently with......co-op royal sun alliance are a couple that seem bankrupt freindly...

leftatthelights

Hi philnicandamy:

I dont currently have a car but once I find work I will be saving for one (due to my job as an electrician, its a pretty essential purchase).
The problem is satisfying the OR that a car is necessary (once im BR in a few weeks or so) and obtaining insurance once BR.
I might have to go through a broker which tends to be a lot higher in premiums!!

philnicandamy

Once your find a set of wheels contact any of the companies I mentioned there are more & hopefully people will add....as far as the OR once you start working you have to inform them while bankrupt of any changes in financial circumstances within 21 days....they should be fine giving an allowance for car etc once they see its needed

leftatthelights

Could I please ask what amount of excess income the OR is able to take from my income (once I start a job).
It may be the case that if it is a large percentage of my available income, it might be unwise to take a well paid, electrician position.

Any thoughts?

beentheredonethatstilhere

Any excess over £99 once your essential living costs have been taken into account. It is then looked at on a sliding scale of 50-70% of excess.




With thanks to Phil for the table.

leftatthelights

OMG! It may be in my best interests to try to get a low paid job then because my salary as an electrician will be around £350 a week net pay. (without overtime)
Once my half of the bills and rents etc are deducted Im left with around a £500 excess!! Not including my GF's excess which wouldnt be included after BR.
So they could essentially take a max amount of £350!!!
Thats a joke but I also appreciate that its my fault and my debts so im obliged to pay them.
Oh and what is the time period to which they can take these funds??

beentheredonethatstilhere

Put up your SOA and let the good folk here check it for you and see what they say.

http://www.makesenseofcards.co.uk/soacalc.html

An IPA will last 36 months but can be altered or suspended if your circumstances change again.

leftatthelights

I am just in the process of going through my (our) expenditures.
Will post an SOA as soon as we sort through the paperwork (might be a delay on this though)!! sorry