Outgoings higher than earnings on BR form?

philnicandamy

Worriedandpreg wrote: »

We have nothing to pay for debt payments, we dont earn enough anymore?

but you cant have a large defecit once you do your SOA....1st thing the judge will ask is "how will you manage"

merlin1

Worriedandpreg wrote: »

I havent put in any debt payment. Ill be honest with u as everyone keeps asking to see our SOA dont have oit here as my dad is cross checking all our forms for us, so its all at his house.

I can think i can squeeze our outgoings down to match our earnings (tough but do able) so we can still go BR. But what about when i go on matenity leave and my earnigns come down? What will happen then? I dont want the insolvency thing, even tho if im honest i dont know what it means.

Getting very stressed about it all again, just want to cry.

hey dont get tearfull! are you saying that even without your payments to debt you income is lower than you outgoing? if so can you tell us why?

Worriedandpreg

philnicandamy wrote: »

but you cant have a large defecit once you do your SOA....1st thing the judge will ask is "how will you manage"

Thanks i'm going to have to manage on less and give up more things than i had hoped so my outgoings match my earnings? Do you think that will then be ok?

And i cant help but feel we have no choice but to manage, we have no other options?

Worriedandpreg

merlin1 wrote: »

hey dont get tearfull! are you saying that even without your payments to debt you income is lower than you outgoing? if so can you tell us why?

Thanks, i think i can just about manage to squeeze it to match but its gonna be tough, and we certainly wont have any money left to pay towards any of the debt.

Tristesse

Oh darling, I know it seems complicated, even more so given that your earnings will vary. It must be very stressful indeed and I feel very sorry for you having to go through this now.

I went BR last week over debts ten years old and when the Judge read my reasons for it he said, "Oh dear, oh dear", he was a sweetie

Please don't worry or panic. Everyone involved in this process is very understanding and will help you to get straight again as long as you are honest, which it sounds like you are. They will know that

merlin1

hugs to you - your finances will be looked at with a fine tooth comb and if you have no money left to pay the debt you should get your bankruptcy! however if you show a negative on your income v expenditure that slides towards the living beyond means mark then questions may be asked as to why. the process is in my oppinion v generous as far as living costs are concerned ie food, rent, bills etc (i realised i was well below the breadline for 2 yrs before i went through br .... )

what are you needing to squeeze?

Worriedandpreg

Remove holidays and reduce groceries e.t.c.

skylight

Its a bit difficult to suggest what to do or what the OR will allow without seeing your SOA, so perhaps grab it of Dad tomorrow and post again (there is always someone here!).

I am just a little concerned about how you are actually going to manage after BR? If you have put down true spending on your SOA then you will have a problem. If you have a low income are you claiming all benefits you are entitled to? Have you checked utitlies/insurance/phone/mobile providers and changed for better deals??

merlin1

see now this is where the soa comes in, it balances your neccessaties (sp) against your income. you mention groceries - how much do you spend but how many do need to feed? your holiday is the same , do you put down a 3 wk break in cuba or a few days in scarboro'....

here on a forum we cant guess what where or how you spend, but you will have to sacrifice with br, its the nature of the beast hugs again, this cant be easy while expecting also.

thatsyourlot

Oh hun, dont get upset with it all, if you can tweek it here & there you should be able to balance it better.

Its so confusing filling all the forms in & I got myself in such a state when I first started doing mine but you will get there in the end.

I am self employed & my online business has done poop so far this tax year. I also get tax credits etc & found it a real "head mess" to try & separate my personel debt from my business debts & when I first posted my SOA up on here I got so much help from all these lovely people on here.

If you need any help dont be afraid to ask on here & you can always pm me if you want, I will try help in any way possible.

Ironically I have got 5 new orders today (I make wedding jewellery) so I am now going to have to re-jig my SOA to show this beore I petition my BR next month.

Big hugs hun

xx