SOA Help

wayforward_2

My husband and I are both going BR. Preparing our SOA's am i right in thinking;

1. We both put the income from child benefit and maintenance payments from my ex as an income (can't see this as it then appears twice if you add it all together)

2. We split down the middle all the household expenses (we earn similar amounts)

3. We split all the debt repayments down the middle

4. At the moment i have put my income, the CB and maint plus the child related expenses on mine and also a contribution from OH. Then on his i put his income and his half of the non child related expenses plus his contribution to me.

Would be so much easier if we could do a joint one!

debtinfo

hi
1) You should put all household incomes on both forms as you each have individual bankruptcys. It wont be counted twice as it is apportioned pro rata to the bankrupt in question

2) same as above

3) no need to put debt repayments on as you will not be paying these after the bankruptcy.

4) the forms will look almost identical (you are in the same situation and apoerate as a family) except for your own individual expenses such as work journals etc or if only one of you has a car.

Does this make sense, would you like an example

wayforward_2

Thank you for that - am worried though as with no debt repayments it makes our SOA look really healthy! Am totall happy with an IPA and it looks like it will be £1000 per month which again is what it is but at least it's for a finite period - just worried if it looks too healthy the judge won't permit the BR

debtinfo

The reason that the judge will pass the BR is because it only looks healthy after you stop paying debts, so dont worry about that. The judge looks at if you can pay your debts as they fall due which means do you have enough money after normal household expenses to make all the legaly required monthly payments, if not then you can go bankrupt.

If you post your SOA then we can have a look at it for you. Whilst i never advocate fiddling it to the maximums allowed (as you may need to explain your expenses to the OR) many people do not realise all the expenditure that they really pay for each month and so dont account for it

wayforward_2

Yeah but our trouble is it looks ok whilst paying the agreed low payments in the DMP - that was why we went into the DMP because we were struggling to make the minimums. In the DMP though our SOA looks ok - the reason for BR is that we literally are going to be in the DMP for ever and the interest and charges are mounting up daily so its more of a long term thing

tigerfeet2006

Put your SoA up on here and lets have a look. I bet you don't have that much spare.

Use this template, format to MSE and copy and paste it in a thread
http://www.makesenseofcards.co.uk/soacalc.html

wayforward_2

Monthly Budget Summary Amount(£)
Total monthly income 3,957
Monthly expenses (incl. HP & secured loans) 3,406
Available for debt repayments 551
UNsecured debt repayments 373 (This is the payment to payplan which is a fraction of our minimum repayments)
Amount left after debt repayments 178 (This looks better than it is at the moment as we have a car on lease that is £300 per month inc insurance that will obviously go when we BR but we can't hand back until then)

Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 351,500
Total Secured & HP Debt -348,000
Total Unsecured Debt -63,009
Net Assets -59,509


Household Information

Number of adults in household 2
Number of children in household 2
Number of cars owned 1

Income, Expense, Debt & Asset Details
Income Amount(£)
Monthly income after tax 1500
Partners monthly contribution 2100
Benefits 132
Other income 225
Total monthly income 3957

0 Expenses Amount(£)
Mortgage 1080
Secured/HP loan payments 0
Rent 0
Management charge (leasehold property) 0
Council tax 176
Electricity 44
Gas 107
Oil 0
Water Rates 48
Telephone (land line) 60
Mobile phone 60 (childrens phones too)
TV Licence 12
Satellite/Cable TV 0
Internet services 5 (needed for children)
Groceries etc. 600
Clothing 120
Petrol/diesel 150
Road tax 16
Car Insurance 47
Car maintenance (including MOT) 50
Car Parking 12
Other travel 385 (Husband and Children's train)
Childcare/nursery 0
Other child related expenses 160 (£5 per child per week activities, £3 per day per child school dinners)
Medical (prescriptions, dentists, opticians etc.) 30
Pet Insurance/Vet bills 20
Buildings Insurance 22
Contents Insurance 0
Life Assurance 14
Other Insurance 33 (British Gas Homeserve)
Presents (birthday, christmas etc.) 20 (Giving it ago)
Haircuts 35
Entertainment 0
Holiday 80
Emergency Fund 20 ( Giving it a go)

Total monthly expenses 3406