shopping allowence

rag31

When I enquired about school dinners (we are entitled to free prescriptions through the high amount of tax credits we get) we were told that we weren't entitled to free dinners as that was the point of tax credits -to raise you above the 'poverty' or 'benefits' level. Doesn't make sense in light of the prescriptions... but there you go :rolleyes:

Becky

rag31

Burnmount, I am knew to this too but what I've realised is that if you show on your income/outgoings that even *after* bankruptcy you will be losing money each month the court will have a problem with that. The point of bankruptcy is that it puts you back on an even keel where you can afford your outgoings, if it still doesn't look like you will be able to you'll have problems. So reduce some of your budget - e.g. food by £100? And you will be Ok.

Becky

burnmount

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 8
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 2050
Other income............................ 0
Total monthly income.................... 3200
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 176
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 100
Gas..................................... 100
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 70
Mobile phone............................ 0
TV Licence.............................. 15
Satellite/Cable TV...................... 0
Internet Services....................... 18
Groceries etc. ......................... 1150
Clothing................................ 300
Petrol/diesel........................... 120
Road tax................................ 20
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 200
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 5
Buildings insurance..................... 0
Contents insurance...................... 15
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 150
Emergency fund.......................... 0
Total monthly expenses.................. 3139

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 3600.....(176)......0
Total secured & HP debts...... 3600......-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
loans..........................9500......100.......0
catologes......................8000......100.......0
cards..........................6000......100.......0
Total unsecured debts..........23500.....300.......-

Monthly Budget Summary
Total monthly income.................... 3,200
Expenses (including HP & secured debts). 3,139
Available for debt repayments........... 61
Monthly UNsecured debt repayments....... 300
Amount short for making debt repayments. -239
Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -3,600
Total Unsecured debt.................... -23,500
Net Assets.............................. -24,600
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

fiveyearplan

rag31 wrote: »

Burnmount, I am knew to this too but what I've realised is that if you show on your income/outgoings that even *after* bankruptcy you will be losing money each month the court will have a problem with that. The point of bankruptcy is that it puts you back on an even keel where you can afford your outgoings, if it still doesn't look like you will be able to you'll have problems. So reduce some of your budget - e.g. food by £100? And you will be Ok.

Becky

I had a deficit surplus and nothing was ever said about it.

philnicandamy

Ditto..me too

the court would "only" query someone with a huuuuge deficit...and only then they'll ask how your going to manage without credit etc to fall back on