What income do I include in my SOA

dack_2

Hi all,

Have my court date next Monday so need to get my BR forms completed, have been putting it off as I find it rather daunting.

Just a few questions to get me going...

I have no income, my wife works, only I am going BR. My wife also claims WTC, CTC and CB. Specifically what should I include on my SOA as income? All of the above benefits plus my wife's 'contribution' to the household bills (which is all of the bills)?

Thanks,
dack

dack_2

Additional questions...

We switched our small mortgage to interest only about 6 months ago. We have not yet switched back to repayment as my wife only recently started her job. The mortgage term ends in about two years so in this time we need to completely pay it off. If we divide the remainder of the mortgage by the no of months left to pay and put this down as mortgage payment on my SOA will this be acceptable? Or will the OR complain because it is still officially an interest only mortgage?

Thanks

debtinfo

on the income front i would put it all down, it only works in your favour not to if you are earning more than the wife. as you are not employed no IPA will be sought even if your wife had a huge suplus. Put down all joint expenditure (mortgage, utilities, TV, Phone etc) and your sole expenditure car etc.

with the mortgage you must put down what the current legaly required payments are

dack_2

Thanks for the reply debtinfo.

Just to be sure I understand correctly, regarding the mortgage I just put down the small amount we pay each month that covers the interest and I won't be liable for an IPO/A because I earn nothing? The OR will not be interested in my wife's entire wage, only her contribution so anything she earns over and above her contribution can be used for her persoanl expenses and to save up to pay the mortgage off (she also hopes to purchase the BI back)?

What about my personal expenses, such as clothes and haircuts? My wife pays for things like this at the moment so should these amounts also be added as a contribution from her or will it be classed as coming from the benefits we receive?

Hope this makes sense, more I think about it the more confusing it becomes :cool:

Thanks,
dack

debtinfo

you do understand me correctly, as it is only you going bankrupt and you have no income, there will be no IPA, they cannot take any money off your wife. put all the incomes down on the SOA and identify that the income is your wifes only. Then put all the joint and your sole expenses down. It will be clear to the examiner that you do have expenses (obviously) but that at the moment your wife is supporting you along with the benefits.

dack_2

Many thanks debtinfo, will get an SOA together and post it for comments.

fatou256

a bit late but a bit more info for you regarding income

this is from the insolvency technical manual

http://www.insolvency.gov.uk/freedom...rt2/part_2.htm

31.7.7 Income sources which can be included in the IPA/IPO calculation
Various income sources available to the bankrupt can be considered by the official receiver/trustee when making an IPA/IPO calculation, as follows :

• Employment and self-employment - see paragraph 31.7.8
• State benefits - see paragraph 31.7.9
• Arrears of benefits received post bankruptcy - see paragraph 31.7.10
• Pension Receipts - see paragraph 31.7.11
• Periodic payments in respect of loss of earnings/personal injury - see paragraph 31.7.12
• Income arising from capital property- see paragraph 31.7.13
• Tax refunds - see paragraph 31.7.14
• Income arising from nil tax (NT) coding - see paragraph 31.7.15
• Income received from spouse/civil partner/partner - see paragraph 31.7.16
• Income from adult children and other adult members of household- see paragraph 31.7.17

and some infos regarding IPA/IPO ( a bit of bed time reading ) lol

http://www.insolvency.gov.uk/freedomofinformation/technical/incomepaymentordersagreements.htm