Looking like bankruptcy for me

coco1277_2

Hi , I am after advice please as I dont know where to start . My husband declared himself bankrupt in Jan 2009 and is now bankrupt but the mortgage shortfall and loan was in joint names and now I have been contacted to pay these debts , I am unemployed due to being ill and I can see no way of ever paying these . I have attached my SOA for you to look over.
Thanks for reading

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1860
Benefits................................ 430
Other income............................ 0
Total monthly income.................... 2290
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 35
Mobile phone............................ 25
TV Licence.............................. 20
Satellite/Cable TV...................... 16
Internet Services....................... 7.8
Groceries etc. ......................... 450
Clothing................................ 120
Petrol/diesel........................... 150
Road tax................................ 30
Car Insurance........................... 110
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 26
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 14
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2063.8

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
mortgage shorfall..............57000.....0.........0
welcome finance................8500......0.........0
credit cards...................1300......0.........0
catalogues.....................850.......0.........0
Total unsecured debts..........67650.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,290
Expenses (including HP & secured debts). 2,063.8
Available for debt repayments........... 226.2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 226.2
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -67,650
Net Assets.............................. -66,150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

nervousmother

coco1277 wrote: »

Hi , I am after advice please as I dont know where to start . My husband declared himself bankrupt in Jan 2009 and is now bankrupt but the mortgage shortfall and loan was in joint names and now I have been contacted to pay these debts , I am unemployed due to being ill and I can see no way of ever paying these . I have attached my SOA for you to look over.
Thanks for reading

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1860
Benefits................................ 430
Other income............................ 0
Total monthly income.................... 2290
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 500
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 35
Mobile phone............................ 25
TV Licence.............................. 20 12.00
Satellite/Cable TV...................... 16 not allowed in br
Internet Services....................... 7.8
Groceries etc. ......................... 450 500
Clothing................................ 120
Petrol/diesel........................... 150
Road tax................................ 30
Car Insurance........................... 110
Car maintenance (including MOT)......... 60
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 26
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50 no allowed
Haircuts................................ 14 30
Entertainment........................... 20 not allowed
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 2063.8

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 1500

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
mortgage shorfall..............57000.....0.........0
welcome finance................8500......0.........0
credit cards...................1300......0.........0
catalogues.....................850.......0.........0
Total unsecured debts..........67650.....0.........-

Monthly Budget Summary
Total monthly income.................... 2,290
Expenses (including HP & secured debts). 2,063.8
Available for debt repayments........... 226.2
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 226.2
Personal Balance Sheet Summary
Total assets (things you own)........... 1,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -67,650
Net Assets.............................. -66,150
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

Just to say if you have no income they can not impose a IPA on you.

You can also add £40 for child related expenses, 1X £5 activity for each child per week

coco1277_2

Thanks nervousmother , so looking at my SOA do you think bankruptcy is my only option ? I cant see any other way out if i had another way I would take it as the thought of bankruptcy terrifies me .

nervousmother

you must take proffessional advice luv, It is a hard thing to do emotionally. Is your OH still BR or did he receive early discharge? at least you know the process if you decide to take this route although it is clear you have no way at the minute to pay these debts.