A few questions pre bankruptcy

tigerfeet2006

No you won't be able to get a DRO from my understanding of things.

Will you be going BR before or after you finish work? If before, then do it as your income is now.

desperatetobedebtfree

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1162
Other income............................ 0
Total monthly income.................... 1162
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45.82
Telephone (land line)................... 18.45
Mobile phone............................ 10
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 15.64
Groceries etc. ......................... 217
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10.41
Car Insurance........................... 32
Car maintenance (including MOT)......... 10
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8.59
Life assurance ......................... 0
Other insurance......................... 3
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1153.03

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
personal loan..................9387......237.......10.66
abbey..........................314.2.....25........0
hsbc...........................309.18....7.33......21.9
evans .........................208.3.....13.33.....29.9
virgin.........................430.3.....25........22.48

desperatetobedebtfree

The above is my SOA when finishing work....I really dont know whether to go BR before or after I cease work....

desperatetobedebtfree

Also no council tax specified as I will get full CTB. However included in my assessment as benefits is the LHA full rate for my area and I.S, CHB, and CTC.

I know there are things I may be able to cut back on when not working..wg petrol, but have estimated my electric and gas to increase slightly as will be home more.

Merry_Gentry

desperatetobedebtfree wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1162
Other income............................ 0
Total monthly income.................... 1162
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45.82 Round up to 46
Telephone (land line)................... 18.45 Round up to 20
Mobile phone............................ 10
TV Licence.............................. 12.12 Round down to 12
Satellite/Cable TV...................... 0
Internet Services....................... 15.64 Not allowed unless needed for work or education - would hve to come from surplus
Groceries etc. ......................... 217 Round up or down
Clothing................................ 30
Petrol/diesel........................... 80
Road tax................................ 10.41
Car Insurance........................... 32
Car maintenance (including MOT)......... 10
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8.59
Life assurance ......................... 0
Other insurance......................... 3 - what's this?
Presents (birthday, christmas etc)...... 10 - they might not allow...
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10 - Definitely not allowed!
Total monthly expenses.................. 1153.03

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
personal loan..................9387......237.......10.66
abbey..........................314.2.....25........0
hsbc...........................309.18....7.33......21.9
evans .........................208.3.....13.33.....29.9
virgin.........................430.3.....25........22.48

You need to do this with your debts removed as obviously you won't be paying them once you go bankrupt. Can you round up or down - all the odd pennies make it a bit weird Be prepared to lose your car - if you are not working, and cannot prove that it is needed rather than convenient, they will probably take it.

Mind you, if your only income is benefits, you won't get an IPA.

tigerfeet2006

desperatetobedebtfree wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1162
Other income............................ 0
Total monthly income.................... 1162
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 525
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 50
Gas..................................... 40
Oil..................................... 0
Water rates............................. 45.82 £46
Telephone (land line)................... 18.45 £18
Mobile phone............................ 10
TV Licence.............................. 12.12 £13
Satellite/Cable TV...................... 0
Internet Services....................... 15.64 Put under telephone
Groceries etc. ......................... 217 £300
Clothing................................ 30 £50
Petrol/diesel........................... 80 If not needed for work then the OR will not allow you the car, unless there is some medical reason for keeping it. So will have to come off the SoA
Road tax................................ 10.41 ditto
Car Insurance........................... 32 ditto
Car maintenance (including MOT)......... 10 ditto
Car parking............................. 10 ditto
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 How old is your child? £5 per week activities. School dinners £2 a day primary, £3 secondary
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8.59 £9
Life assurance ......................... 0
Other insurance......................... 3 what is this?
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 0
Holiday................................. 0 £40
Emergency fund.......................... 10 not allowed.
Total monthly expenses.................. 1153.03

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 700
Other assets............................ 0
Total Assets............................ 700

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
personal loan..................9387......237.......10.66
abbey..........................314.2.....25........0
hsbc...........................309.18....7.33......21.9
evans .........................208.3.....13.33.....29.9
virgin.........................430.3.....25........22.48

As you will beon benefits you won't get an IPA anyway but if you juggle with those figures even if the OR doesn't exempt the car you might beable to still run a car if you can get someone to buy it.

desperatetobedebtfree

thank you Merry Gentry..this is the sort of input I need!

The insurance is a very old policy (with an excellent non increasing premium) thats pays out if I am diagnosed with a "female" cancer..fully expecting them to not allow.

Am hoping the internet may be allowed as i am starting an access course this sept.

Do you think the groceries and clothes are a realistic amount? My son is still in nappies and grows so fast. He doesnt always have new. Also i wear things to death and only buy when needed.

Shall I redo without debts and roundings done?

tigerfeet2006

Yep! you should be able to keep the policy but you may have to buy the interest back from the OR.

See my post for more ideas on your SoA.

If you are doing an access course then you will be able to keep internet.

desperatetobedebtfree

Thanks tigerfeet..no idea what you mean about buying interest back for policy but like the sound of it anyway!

Holidays...i really didnt think i would be allowed to budget for that!

Shall i now include an amount for travel? Eg taxi/bus to supermarket?

The car could be brought by a third party easily but how likely is it that he will allow? Ideally I need it to drop son at childcare and then onto college..dont even think it would be doable time wise without it but am sure the OR wont care about that will he!

desperatetobedebtfree

Also childcare will be paid for by college (hopefully) so am i right in not putting that on SOA?