form filling query - assets

seh567

Hi, I am filling in the BR forms but have queries. I was a self employed ceiling fixer until last year, since then I had a short spell of unemployment on JSA then a permanent job on paye which ended recently and I am now back on JSA currently.

1) Do I need to tell them about self employment under business details although no longer employed.

2) I have cash in my Lloyds Bank basic account which was my last wages and a small bonus, I am unemployed now so I need this money for living expenses. I realise I will have to open a Coop bank account but should I do this before filing for bankruptcy, transfer the money and just list Coop as my bank and the amount in assets 3.1.2. Or should I leave it where it is or draw it out and keep it at home and not list it as an asset?

3) I have a contracted out serps insurance policy and a frozen private stakeholder pension although these will not pay out until I retire in another 20 years. Do I list them as an asset under section 3.1.12 and again under 3.4 which is headed 'apart from state benefits do you have or have you had any personal pension arrangements?

4) Re car, do I estimate value re parkers guide and then deduct amounts for bad points, ie needs clutch repair £170, needs 2 tyres, dents in bonnet & wing also boot lock broken. Althought its worth £1.2k re parkers guide its not really worth that much.

5) Employment & present income. I am unemployed and now claiming income based JSA. There is a section under 6.6 for state benefits but do I need to list Housing Benefit & Council Tax benefit anywhere?

I know its a bit long winded but I want to get the forms right and not be turned away because of an error. Thanks in advance

debtinfo

seh567 wrote: »

Hi, I am filling in the BR forms but have queries. I was a self employed ceiling fixer until last year, since then I had a short spell of unemployment on JSA then a permanent job on paye which ended recently and I am now back on JSA currently.

1) Do I need to tell them about self employment under business details although no longer employed.Not is you ceased a long time ago

2) I have cash in my Lloyds Bank basic account which was my last wages and a small bonus, I am unemployed now so I need this money for living expenses. I realise I will have to open a Coop bank account but should I do this before filing for bankruptcy, transfer the money and just list Coop as my bank and the amount in assets 3.1.2. Or should I leave it where it is or draw it out and keep it at home and not list it as an asset? You must list it wherever it is, usually if it is for living expenses in the month of the bankruptcy then you will be allowed to keep it. If it is more than this then the OR will want it

3) I have a contracted out serps insurance policy and a frozen private stakeholder pension although these will not pay out until I retire in another 20 years. Do I list them as an asset under section 3.1.12 and again under 3.4 which is headed 'apart from state benefits do you have or have you had any personal pension arrangements? Yes

4) Re car, do I estimate value re parkers guide and then deduct amounts for bad points, ie needs clutch repair £170, needs 2 tyres, dents in bonnet & wing also boot lock broken. Althought its worth £1.2k re parkers guide its not really worth that much. Put what you could realistically sell it for now, Parkers usually do a value for poor condition.

5) Employment & present income. I am unemployed and now claiming income based JSA. There is a section under 6.6 for state benefits but do I need to list Housing Benefit & Council Tax benefit anywhere? Yep they go in 6.6 as they are benefits

I know its a bit long winded but I want to get the forms right and not be turned away because of an error. Thanks in advance

Hope that helps

seh567

1) Do I need to tell them about self employment under business details although no longer employed.Not is you ceased a long time ago. I ceased trading in Oct 08 then did a short stint of self employment as a private hire driver for 6 weeks Apr/May 2009

2) I have cash in my Lloyds Bank basic account which was my last wages and a small bonus, I am unemployed now so I need this money for living expenses. I realise I will have to open a Coop bank account but should I do this before filing for bankruptcy, transfer the money and just list Coop as my bank and the amount in assets 3.1.2. Or should I leave it where it is or draw it out and keep it at home and not list it as an asset? You must list it wherever it is, usually if it is for living expenses in the month of the bankruptcy then you will be allowed to keep it. If it is more than this then the OR will want it. My last wages at the end of Oct was for £1400 basic for the month of October plus £600 for the previous month Sept and £200 for expenses accrued in October. I have approx £1800 left and will be filing for bankruptcy in the month of November hopefully. Will I be able to keep is as I need it to top up my unemployment benefits. Would it be more advantageous for me to delay bankruptcy until December?

CAN SOMEONE PLEASE ANSWER MY FURTHER QUESTION IN BLUE

dalip

Remember when filling in the petition you do it as it will be on the day of bc


Things are considered to be assets if they are over the value of £1,000. Since by the time you have paid your bc fees you will more than likely have less than that amount i would not list it.

You do have to put ANY bank accounts ect that you have held for the last two years so you will have to put this account down and will be asked for statements relating to this account. You also have to state how much cash you have available to you ON THE DAY OF BC. So whatever is left you put down and then explain to the OR on the day that it is for living expenses. It should then be fine.

Sorry can not answer the first question from last post.Dx

kew63

seh567 wrote: »

1) Do I need to tell them about self employment under business details although no longer employed.Not is you ceased a long time ago. I ceased trading in Oct 08 then did a short stint of self employment as a private hire driver for 6 weeks Apr/May 2009

Do any of your debts relate to your business eg. tax, VAT, suppliers etc.. if they do they you are going to have to mention the business because they will form part of the BR as creditors.

If no business debts then you could probably leave it off but mention it under the section at the end when you explain how you got to this point.

seh567

I have no business debts, I was a self employed ceiling fixer working for a contractor. I got a daily rate and paid my own expenses. , I initially got into trouble as they were not paying me enough to live on so used credit cards and loans for living expenses, then recession hit me last year and work dried up completely so I had to cease unemployment and go on benefits. Since last October I have had 3 months unemployment, a paye part time employment, self employment private hire driver, full time paye employment and now back to unemployment as the latest job ran out of work also. I am quite depressed about all this as whatever I try to do to keep my head above water seem to fall foul.