Bankruptcy advice

gre

Hello, I'm hoping I could get some help. My wife and I are each filing for bankruptcy. We have 6 children with another due in 2 months. I have a TV on HP and it costs £140 per month. Will I be allowed to keep the TV and continue payments or will they not be happy with that?

How would I present this on my bankruptcy statement of affairs?

Do I need to let the TV loan people know about bankruptcy?

Any help would be greatly appreciated!
Many thanks

JJ

dalip

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What expenses are allowable as 'reasonable
domestic expenses'?

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As well as your normal monthly expenses, which
include rent or mortgage payments (which are
reasonable for the area you live in and the size of
your family), food, heating and lighting, clothing
etc, here are some examples of things that [FONT=Arial,Bold][FONT=Arial,Bold]can

[/FONT][/FONT]also be treated as part of your domestic needs:

�� TV licence, TV and video hire - one set per
household

�� Household insurance

�� Car tax and insurance (if the trustee decides
your car is 'exempt property' and allows you to
keep it)

�� AA/RAC or similar membership

�� Membership of a professional body, needed
for your job (unless your employer pays for
this)

�� Prescriptions/dental treatment/opticians

�� Payment under a maintenance order or Child
Support Agency assessment

�� Mobile phone (a reasonable monthly cost)

�� Dry cleaning


Not so sure an amount of £140 will be allowed,seems a little excessive.Dx

philnicandamy

gre wrote: »

Hello, I'm hoping I could get some help. My wife and I are each filing for bankruptcy. We have 6 children with another due in 2 months. I have a TV on HP and it costs £140 per month. Will I be allowed to keep the TV and continue payments or will they not be happy with that? They will probably question such a large payment a month & suggest a cheaper alternative..

How would I present this on my bankruptcy statement of affairs?

Do I need to let the TV loan people know about bankruptcy? Depends...check the paperwork you signed & see if there's any mention of bankruptcy...who's the rental with?

Any help would be greatly appreciated!
Many thanks

JJ

Just a few thoughts

gre

Thank you for your comments. Yeah I thought they might have a problem with the TV. I've got it with dial-a-TV, doesn't mentioned anything about bankruptcy.

What's the maximum you can get away with spending per month on TV hire?

thanks

JJ

peachyprice

Is it hire, as in you'll never own it, or are you paying off finance on it.

If you're hiring it at £140 a month and will never own it I can't see the OR accepting £1680 per year for a TV, when you can buy one for £300-400.

If it's finance, that would be included in your BR and you would get to keep the TV.

Can you confirm exactly what it says the type of agreement in on your paperwork.

gre

the TV is on finance. about 600 outstanding. I'm actually paying £90 a month for it, not £140.

dalip

How much is the tv actually worth?. If value below £1,000 then the OR will not be interested in it as a asset,above and he/she may well be.dx

peachyprice

gre wrote: »

the TV is on finance. about 600 outstanding. I'm actually paying £90 a month for it, not £140.

The finance just goes into your BR along with all your other creditors. You cannot continue to pay them.

They don't come an take the TV back once you go BR.