Questions about 'joint' bankruptcy?

Mr_and_Mrs_Spendthrift

Hi again,

I know we go bankrupt as individuals but I just wanted to ask about the forms.

All of our incoming money goes into a joint account and we pay for the bills together. Our debt are a joint loan and overdraft and a CC each.

So we both fill in a set of forms and put the same outgoings on each do we?

With the debts we put the whole amount of joints debt and our individual debts on the respective forms? Is this correct?

Our reasons for bankrupcy, can they be identicle for each, as the debt 'problems' only happened whilst we were together?

I'm sure theres more but it's early!

I can't wait until I can wake up and not have this running through my head straight away!

tigerfeet2006

Mr_and_Mrs_Spendthrift wrote: »

Hi again,

I know we go bankrupt as individuals but I just wanted to ask about the forms.

All of our incoming money goes into a joint account and we pay for the bills together. Our debt are a joint loan and overdraft and a CC each.

So we both fill in a set of forms and put the same outgoings on each do we? No, you put all the joint household bills on both and on your own you put your own expenses like travel.

With the debts we put the whole amount of joints debt and our individual debts on the respective forms? Is this correct? Yes.

Our reasons for bankrupcy, can they be identicle for each, as the debt 'problems' only happened whilst we were together? Yes

I'm sure theres more but it's early!

I can't wait until I can wake up and not have this running through my head straight away!

With your income on the forms you each put your full income on your own forms and your OH contribution to the joint household bills.

Mr_and_Mrs_Spendthrift

Another question, I've only worked since April, self employed and haven't earn't much, plus my wages change from week to week. Should I average it out? and what should I put for tax as it's unlikely I will pay any this year as my earnings are so low?

Mr_and_Mrs_Spendthrift

Another question. As my earnings are low and my husbands are high the SOA's will look unbalanced with incomings and outgoings, will the OR understand that we share all bills and stuff as a couple and that together we have no surplus?

Merry_Gentry

Mr_and_Mrs_Spendthrift wrote: »

Another question, I've only worked since April, self employed and haven't earn't much, plus my wages change from week to week. Should I average it out? and what should I put for tax as it's unlikely I will pay any this year as my earnings are so low?

An average of your earnings should be fine. If you don't think you'll be paying any tax put zero and you can explain why afterwards.

Merry_Gentry

Mr_and_Mrs_Spendthrift wrote: »

Another question. As my earnings are low and my husbands are high the SOA's will look unbalanced with incomings and outgoings, will the OR understand that we share all bills and stuff as a couple and that together we have no surplus?

Yes, they will understand. They will expect whoever earns the most to pay the largest percentage of the bills and household expenses. However, he will look at each SOA separately so both of them need to have a surplus of less than £100 in order to avoid an IPA.