My SOA - Newbie to board

fiveyearplan

kutiez2005 wrote: »

Hi, I'm a newbie. Just coming to terms with the fact that my husband and I are going to have to file for bankruptcy imminently. I thought it was down to illness and the recession before I prepared my forms for it but now I'm not so sure. It looks like we have just been really careless and terrible with our money, or the credit card companies money. Our debts have accumulated over a long period of time but we have never realised as we have always maintained the minimum payments. It started to fall apart last year when we discovered that we were unexpectedly expecting & then a short while afterwards I was diagnosed with ME. Now my husband has lost his job and it feels like we have hit the ground of harsh reality with one hell of a bang.

Anyway... I am starting the process of filling in the forms now and want to post our SOA on here for some opinions please. What do you think will happen to us when we file? I know we have to file separately but the finances are all joint so difficult to split.

I don't really know whats going to happen to us from here... I just know that we have no other choice. Try not to worry - you will be just fine! We've all been in your position and lived to tell the tale!

Thanks
K

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 2496
Other income............................ 0
Total monthly income.................... 2496
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 950
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 68
Gas..................................... 68
Oil..................................... 0
Water rates............................. 51
Telephone (land line)................... 30 £60 and scrap mobile
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 120
Road tax................................ 15
Car Insurance........................... 35
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 68
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30 £35
Entertainment........................... 0
Holiday................................. 20 you could possible increase
Emergency fund.......................... 0
Total monthly expenses.................. 2410

Assets
Cash.................................... 500
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 7000
Other assets............................ 0
Total Assets............................ 7500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards & Loans...........47000.....0.........0
Unsecured Car Loan.............25000.....0.........0
Total unsecured debts..........72000.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,496
Expenses (including HP & secured debts). 2,410
Available for debt repayments........... 86
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 86
Personal Balance Sheet Summary
Total assets (things you own)........... 7,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -72,000
Net Assets.............................. -64,500

A few comments from me.