Money in bank account

kerrypn

I have not got personal experience of this, but really the OR was lovely with me. The judge is unlikely to refuse a bankruptcy application from you, but to err on the side of caution I would try to keep your outgoings within your means IYSWIM.

If you can get outgoings below the benefits you get take the money out of your account and ask mum? to hold it for you-you can say you used it to pay for the bankruptcy anyway.

dalip

kerrypn wrote: »

Hi

I think Dalip was saying that your outgoings exceed your income even after the bankruptcy-so you will end up in debt again-hence the judge may not see Bankruptcy as a solution for you. You need to cut down your outgoings on the SOA to resolve this.

I will take a look and post back....

Yes thanks kerry i did not word that well did i.:o

dalip

Totally agree with kerry.
One thing nobody seems to have picked up on yet is that if you are out of work the OR will not allow you a car,therefore all car expenses will not be applicable/allowed so there is £125 to be taken off . Also the OR will understand that whilst you are umemployed you are living at the bare minimum and your living costs can be increased in line with employment needs,such as clothes,lunches ect ect.


As for the money in the bank..........the OR may take it as an asset...but then what the hell you wll be debt/hassel/stress(when up to a point)and worry free. The OR will look into your statements see the amounts and will want to know where the money went unless you have a clear money trail it could open up a whole can of worms. Is it worth it??? Only you can decide. Dx

seh567

I have a car which I will need if I get work as a ceiling fixer. The car is valued at £1k with Parkers but it is not worth this much as its in poor condition. It needs a new clutch, a couple of tyres, dents in bonnet, nearside wing and the boot lock has gone. The interior is very poor due using for work on building sites and carrying ceiling tiles & tools. Despite this I will be gutted if I lose it as it is a lifeline for looking for work. My parents have offered to buy it from the OR if that is allowed. I reckon I would have to spend approx £250 the clutch fixed would this be an allowable expense to reducing the cash in bank?

tigerfeet2006

As the car is essential for work then the OR should have no interest in it at that value. So if it needs some work on it then it will be fine to get it done.

peachyprice

To keep the car you may need to show the OR that you are actively looking for work, otherwise they will not let you keep it. So keep copies of any job applications you make and any letters you receive, even if they are rejections.

As far as the work on the car is concerned, do not tell the OR the car needs so much spent on it. If it isn't in good working order and is likely to cost money to repair the may not be keen on you keeping it.

seh567

Hi all

This is all going from bad to worse and making me really depressed now, what with having no job and thinking that BR was the best option which seems to be bringing further problems to deal with

dalip

We all know bc is not an easy option but sometimes we have to let things go in order to move onto better times.Look at the amount of people who loose their homes for example... a lot find they are happier in rented without the burden of a mortgage. It will get worse before it gets better but it is something i have never regretted.Dx

seh567

Worst case scenarios:-

1) Will the OR let me keep the car if my parents agree to buy it back, if so would they have to pay the full parkers value or the amount the OR would sell it after costs?

2) Could I keep my internet if I leave it off my SOA and my mum paid for it?

I am going to leave filing for BR until January by which time I guess if I haven't secured employment I will be able to justify spending against my last wages 31/10/09 for living expenses in full for month of November & remainder for top up to benefits for living expenses for December plus fees for BR

dalip

seh567 wrote: »

Worst case scenarios:-

1) Will the OR let me keep the car if my parents agree to buy it back, if so would they have to pay the full parkers value or the amount the OR would sell it after costs?The OR normally uses parkers guide for a guide price and if my memory serves me right i think you yourself can buy the car back off the OR
2) Could I keep my internet if I leave it off my SOA and my mum paid for it?Anybody can have internet it is just the OR does not give an allowance for it on your SOA so no need for your mum to pay for it.

I am going to leave filing for BR until January by which time I guess if I haven't secured employment I will be able to justify spending against my last wages 31/10/09 for living expenses in full for month of November & remainder for top up to benefits for living expenses for December plus fees for BR

Just keep a paper trail in case you get asked.Dx