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Thinking of going banckrupt?

sazabaza1979
sazabaza1979 Posts: 66 Forumite
edited 31 March 2010 pm31 2:03PM in Bankruptcy & living with it
Hello,

I am thinking of going banckrupt as I am in a DMP with a company but dont feel like I am getting anwhere with paying off the debt..... I have done a SOA, do I need to include my boyfriends income and he pays half towards the bills.

Thanks

Sarah x :(
«1

Comments

  • dojoman
    dojoman Posts: 12,027 Forumite
    Any contributions by him to the household expenses has to be included.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • dojoman wrote: »
    Any contributions by him to the household expenses has to be included.

    Where in the SOA do I include it?

    Thanks :)
  • dojoman
    dojoman Posts: 12,027 Forumite
    Use this link and then post it up.

    http://www.makesenseofcards.com/soacalc.html
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • Statement of Affairs and Personal Balance Sheet
    Monthly Income Details
    Monthly income after tax................ 1050
    Partners monthly income after tax....... 500
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1550
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 95
    Electricity............................. 30
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 30
    Telephone (land line)................... 10
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 30
    Internet Services....................... 10
    Groceries etc. ......................... 400
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 40
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 50
    Entertainment........................... 40
    Holiday................................. 100
    Emergency fund.......................... 0
    Total monthly expenses.................. 1595

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

    No Secured nor Hire Purchase Debts
    Unsecured Debts
    Description....................Debt......Monthly...APR
    (Unnamed debt).................11943.4...200.......0
    Total unsecured debts..........11943.4...200.......-

    Monthly Budget Summary
    Total monthly income.................... 1,550
    Expenses (including HP & secured debts). 1,595
    Available for debt repayments........... -45
    Monthly UNsecured debt repayments....... 200
    Amount short for making debt repayments. -245
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -11,943.4
    Net Assets.............................. -11,943.4

    Any comments/advice would be appreciated, I havent included my mobile phone as I am not in arrears with this, is this ok?

    Thanks :)
  • Sunnylooloo
    Sunnylooloo Posts: 4,295 Forumite
    Just a few comments you won't be allowed entertainment or presents and I think (and someone will help me here) the holiday amount is too much. I think the haircuts may be a little high too...

    Sky I think may have to come out of your surplus.

    I am sure someone will be along with more useful comments than me

    good luck
    LL
    The worst cliques are those which consist of one man ~ George Bernard Shaw
    Holiday Saving fund 2010 = £25.00 :DWeightLoss 2010 = +6lbs :(
    BSC 292
    June NSD 11 :TJuly NSD 15:TAugust NSD 14:TSeptember 9:T October 19:jNovember 15/11
  • dojoman
    dojoman Posts: 12,027 Forumite
    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details
    Monthly income after tax................ 1050
    Partners monthly income after tax....... 500
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1550
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 95
    Electricity............................. 30
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 30
    Telephone (land line)................... 10
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 30
    Internet Services....................... 10
    Groceries etc. ......................... 400
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 40
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20 Not allowed
    Haircuts................................ 50 £10 per person
    Entertainment........................... 40 Not allowed
    Holiday................................. 100 Bit high if only 2 of you?
    Emergency fund.......................... 0
    Total monthly expenses.................. 1595

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

    No Secured nor Hire Purchase Debts
    Unsecured Debts
    Description....................Debt......Monthly...APR
    (Unnamed debt).................11943.4...200.......0
    Total unsecured debts..........11943.4...200.......-

    Monthly Budget Summary
    Total monthly income.................... 1,550
    Expenses (including HP & secured debts). 1,595
    Available for debt repayments........... -45
    Monthly UNsecured debt repayments....... 200
    Amount short for making debt repayments. -245
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -11,943.4
    Net Assets.............................. -11,943.4

    Any comments/advice would be appreciated, I havent included my mobile phone as I am not in arrears with this, is this ok?

    Thanks :)

    How many of you are there? I have made some comments but some are only relevant if there is only 2 of you.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • Statement of Affairs and Personal Balance Sheet
    Monthly Income Details

    Monthly income after tax................ 1050
    Partners monthly income after tax....... 500
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1550

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 10
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 30
    Internet Services....................... 10
    Groceries etc. ......................... 400
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 50
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 20
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 40
    Total monthly expenses.................. 1550


    Assets

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


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    (Unnamed debt).................11943.4...200.......0
    Total unsecured debts..........11943.4...200.......-


    Monthly Budget Summary

    Total monthly income.................... 1,550
    Expenses (including HP & secured debts). 1,550
    Available for debt repayments........... 0
    Monthly UNsecured debt repayments....... 200
    Amount short for making debt repayments. -200

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -11,943.4
    Net Assets.............................. -11,943.4


    Yes there are only two of us.... is this any better?

    Thanks :)
  • dojoman
    dojoman Posts: 12,027 Forumite
    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details

    Monthly income after tax................ 1050
    Partners monthly income after tax....... 500
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1550

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 10 Seems cheap?
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 30 Not allowed in BR, would come out of any surplus
    Internet Services....................... 10 Not allowed unless for work or study
    Groceries etc. ......................... 400
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 50
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20 Not allowed
    Haircuts................................ 20
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 40 Not allowed
    Total monthly expenses.................. 1550


    Assets

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


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    (Unnamed debt).................11943.4...200.......0
    Total unsecured debts..........11943.4...200.......-


    Monthly Budget Summary

    Total monthly income.................... 1,550
    Expenses (including HP & secured debts). 1,550
    Available for debt repayments........... 0
    Monthly UNsecured debt repayments....... 200
    Amount short for making debt repayments. -200

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -11,943.4
    Net Assets.............................. -11,943.4


    Yes there are only two of us.... is this any better?

    Thanks :)


    Hope this helps...
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • Statement of Affairs and Personal Balance Sheet
    Monthly Income Details

    Monthly income after tax................ 1050
    Partners monthly income after tax....... 500
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1550

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 20
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 10
    Groceries etc. ......................... 400
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 50
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 20
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1470


    Assets

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


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    (Unnamed debt).................11943.4...200.......0
    Total unsecured debts..........11943.4...200.......-


    Monthly Budget Summary

    Total monthly income.................... 1,550
    Expenses (including HP & secured debts). 1,470
    Available for debt repayments........... 80
    Monthly UNsecured debt repayments....... 200
    Amount short for making debt repayments. -120

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -11,943.4
    Net Assets.............................. -11,943.4


    Ok I have changed some figures, I now have some leftover, is this allowed on a SOA for BR? Also do I need to include my mobile phone which has no arrears?

    Thanks
  • dojoman
    dojoman Posts: 12,027 Forumite
    Statement of Affairs and Personal Balance Sheet
    Monthly Income Details

    Monthly income after tax................ 1050
    Partners monthly income after tax....... 500
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1550

    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 550
    Management charge (leasehold property).. 0
    Council tax............................. 100
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 20
    Mobile phone............................ 0
    TV Licence.............................. 12
    Satellite/Cable TV...................... 0
    Internet Services....................... 10
    Groceries etc. ......................... 400
    Clothing................................ 100
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 50
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 18
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 20
    Entertainment........................... 0
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1470


    Assets

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


    No Secured nor Hire Purchase Debts

    Unsecured Debts
    Description....................Debt......Monthly...APR
    (Unnamed debt).................11943.4...200.......0
    Total unsecured debts..........11943.4...200.......-


    Monthly Budget Summary

    Total monthly income.................... 1,550
    Expenses (including HP & secured debts). 1,470
    Available for debt repayments........... 80
    Monthly UNsecured debt repayments....... 200
    Amount short for making debt repayments. -120

    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -11,943.4
    Net Assets.............................. -11,943.4


    Ok I have changed some figures, I now have some leftover, is this allowed on a SOA for BR? Also do I need to include my mobile phone which has no arrears?

    Thanks

    Yes this is allowed, as it stands now you would get to keep what was left over. The OR uses a table to determine whether you would have to pay an IPA, but if your surplus is £99 or less then you would not have one to pay.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
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