The Bankruptcy Club & Supporters Club

Red_sky_2

Did you have this really big form to complete.. a preliminary questionarre... How have you fiund it suince August... I think I feel better now its done, but am dead worried abourt the OR asking questions I have no idea about....

hi mike, please can you tell me what sort of questions this form asks for? im worried too, because my debts date back a few years, so im not sure of all the exact details.
x

sandralovescats

This might be interesting and important for someone here, so I am going to post it.

I am due two Court cases which will involve my receiving a LOT Of money. In my br I will not get an IPA. What I wanted to know was this - my court cases will not end for two years from now, so I will be discharged (at the full 12 months) one year at least before I get two very large payments.
I wanted to know if the OR can take any of these payments. I contacted an IP via a website, pretended to be already discharged without an IPA and the reply is below:


Any income payments order must be obtained while you are Bankrupt, and as you were released in June you are now a discharged Bankrupt, i.e. you are not bankrupt anymore. Similarly any windfall, inheritance, insurance pay out or the like cannot be claimed for the Bankruptcy.

In effect the window for these things to be claimed by the Bankruptcy has now closed. Any assets you aquire now are "after Bankruptcy" assets, and not "during Bankruptcy" assets which could have be claimed before your discharge.

sandralovescats

scootw1 wrote:

Anyone willing to share their outgoings list of figures so I can get some sort of idea what the court will accept as reasonable?

Usually the same as for your IVA, that is what the IP from my debt management company told me! Hope this helps!

He said to allow £40 for food per week for one person.
He added £20 per month for clothes and £20 per month for incidentals too.

bizzylizzy

Mike_St_Helens wrote:

Glad it is over for you. he still has a bit to go, but its good that he is now debt free and can get on with the next part of his life. And so can you.
.

Mike, when you say "he still has a bit to go" what do you mean? I'm just starting this journey now and am trying to understand all the implications of it.

scootw1

If the figures are the same as the IVA, how does that make me better off in bankruptcy?

the figures for my proposals were:

Rent 245
Council tax 53
Optical 20
Dental 30
Water 20
Electric 30
Gas 20
Travel 56
Work meals 32
Shopping 150
Phone 30
Contingency 50

Are there any other figures which can be claimed?

moonlitshadow

Just a quick reply scoot, as I'm sure Sandra will be along in a second, and she knows more than little ol' me! You'll be better off Bankrupt, rather than in an IVA, as only a proportion of your 'disposable' income will go to the IPA/IPO, rather than all of it in an IVA. Sandra put a list of the proportions earlier on in this thread - have a scroll back and take a gander...you'll actually have money left each month...I know I'm looking forward to that

Good luck
C xx

moonlitshadow

...And thanks Scoot for putting your list of outgoings on this thread - I'm putting ours together at the moment so any reference points as to what's acceptable to the OR are gratefully received! Does anyone else want to share? I'll willingly post ours once it's complete.

Also, can anyone confirm that when both halves of a married couple are declaring, you just split the 'outgoings' in half, so you each have 50% on your own SOA? Or is there a better way of doing this? At the moment I pay all outgoings as DH is self employed (just started), hence no definate amounts coming in for the budget yet. I'm sure they'll be a simple way to do this - it's giving me a headache at the moment
Slightly worried that they will take too much of my supposed 'disposable' income when hubby doesn't have any work on, leaving us unable to pay the rent!

Bankruptcy - the 'Easy Way Out'?? My ar#*!!!

Thanks in advance guys xx

scootw1

I've just been on the myvesta chat forum and there is one guy there being a bit snooty about all this making it sound as if my figures are VERY inflated. Making it sound as if you are not entitled to a life in an IVA. Even suggested that the TV is not an essential item. Well, if you cant go out or hdo anything else, the TV must be considered as essential I would have thought otherwise you would go slightly mad!!

rog2

scootw1 wrote:

I've just been on the myvesta chat forum and there is one guy there being a bit snooty about all this making it sound as if my figures are VERY inflated. Making it sound as if you are not entitled to a life in an IVA. Even suggested that the TV is not an essential item. Well, if you cant go out or hdo anything else, the TV must be considered as essential I would have thought otherwise you would go slightly mad!!

The OR is very unlikely to say that the television is not an essential item. However, he MAY question any SKY packages and will ask if you have a 'luxury' plasma TV. Stick with us mate:beer:

moonlitshadow

I've heard that opinion too - thankfully from what I've heard most OR's don't share it! I belive that this is very much a lifestyle choice (this guy may well hate TV...that's his choice) - like telling someone they don't need to eat meat/cut their hair/wash as much lol, so should cut meat/haircuts/soap from their shopping budget and save money to pay to creditors there!! There will always be people trying to inflict their opinion on you, but it's your life and your decision...don't let them make you feel guilty. You're right, you need some sort of (cheap) entertainment if you are going to stick to a managable budget, and not end up in the same debt again...you owe your creditors your money, NOT your life! No matter what others think

Anyway...

I think that the TV license fee comes under priority payments, due to the high fine you'd attract if you didn't pay it, so there's rarely any objection to having it on your SOA.

Please correct me if I'm wrong guys! xx