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bankruptcy

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hi all just a quick question if after all bills are paid (before debt)i have £500 left how much will be taken if i go bankrupt?
debts are £35000

thank u any answers will be helpfull
«1

Comments

  • debtinfo
    debtinfo Posts: 7,012 Forumite
    if those figures are accurate then the would take 70% for 3 years
    Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
    Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.
  • do u add on outgoings swimming lessons, and other clubs because all i have put is the essentials no birthdays?
  • confused76
    confused76 Posts: 12,680 Forumite
    Part of the Furniture Combo Breaker
    http://www.makesenseofcards.com/soacalc.html

    have a go at filling this out, it should help you

    are the lessons children's activities?
  • yes and im scared i will have to tell them they will have to stop
  • misty do as confused suggested, post up your SOA and get advice from the folk here as to if its reasonable or adequate - you're not expected to live hand-to-mouth in bankruptcy, so some of the household allowances are fairly generous. This is because once you're bankrupt, you have no access to credit for years.

    Once you've done your SOA, you'll have a much better idea of where you stand with any excess etc.
  • sorry how do i put it on here lol
  • misty2730
    misty2730 Posts: 36 Forumite
    edited 28 September 2010 at 9:52AM
    misty2730 wrote: »
    sorry how do i put it on here lol
    [tt]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.................... 0
    Monthly Income Details
    Monthly income after tax................ 410
    Partners monthly income after tax....... 1550
    Benefits................................ 138
    Other income............................ 0
    Total monthly income.................... 2098
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 410
    Management charge (leasehold property).. 0
    Council tax............................. 107
    Electricity............................. 55
    Gas..................................... 55
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 40
    Mobile phone............................ 0
    TV Licence.............................. 13
    Satellite/Cable TV...................... 0
    Internet Services....................... 8 school
    Groceries etc. ......................... 600
    Clothing................................ 100
    Petrol/diesel........................... 120
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 40 bus
    Childcare/nursery....................... 20
    Other child related expenses............ 40
    Medical (prescriptions, dentist etc).... 20
    Pet insurance/vet bills................. 20
    Buildings insurance..................... 0
    Contents insurance...................... 16
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 30
    Entertainment........................... 20
    Holiday................................. 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1768

    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
    all debt.......................37000.....0.........0
    Total unsecured debts..........37000.....0.........-

    Monthly Budget Summary
    Total monthly income.................... 2,098
    Expenses (including HP & secured debts). 1,768
    Available for debt repayments........... 330
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 330
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -37,000
    Net Assets.............................. -37,000
    [/tt]
  • Misty, are you both going BR or just you?
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • Manoona
    Manoona Posts: 224 Forumite
    misty2730 wrote: »
    [tt]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.................... 0
    Monthly Income Details
    Monthly income after tax................ 410
    Partners monthly income after tax....... 1550
    Benefits................................ 138
    Other income............................ 0
    Total monthly income.................... 2098
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 410
    Management charge (leasehold property).. 0
    Council tax............................. 107
    Electricity............................. 55
    Gas..................................... 55
    Oil..................................... 0
    Water rates............................. 40
    Telephone (land line)................... 17
    Mobile phone............................ 26 Not allowed in BR add in with landline!
    TV Licence.............................. 13
    Satellite/Cable TV...................... 100 Not allowed in BR - and this is very high, I only 36 a month with virgin media!
    Internet Services....................... 8 Only allowed if used for work/school
    Groceries etc. ......................... 600
    Clothing................................ 20 Id make this more like 80
    Petrol/diesel........................... 120
    Road tax................................ 0 You have petrol but no road tax/insurance or MOT etc??
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 40
    Childcare/nursery....................... 20
    Other child related expenses............ 30
    Medical (prescriptions, dentist etc).... 15 30
    Pet insurance/vet bills................. 16
    Buildings insurance..................... 0
    Contents insurance...................... 16
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10 Not allowed in BR
    Haircuts................................ 20 30
    Entertainment........................... 20 Not allowed in BR
    Holiday................................. 10 50
    Emergency fund.......................... 0
    Total monthly expenses.................. 1768

    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
    all debt.......................37000.....0.........0
    Total unsecured debts..........37000.....0.........-

    Monthly Budget Summary
    Total monthly income.................... 2,098
    Expenses (including HP & secured debts). 1,768
    Available for debt repayments........... 330
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 330
    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -37,000
    Net Assets.............................. -37,000
    [/tt]

    #
    Added in a few pointers just based on my own SOA, others will be along shortly to help out too though im sure!

    Are you and your husband both going bankrupt or is it just you?
  • Manoona wrote: »
    #
    Added in a few pointers just based on my own SOA, others will be along shortly to help out too though im sure!

    Are you and your husband both going bankrupt or is it just you?

    thank u for your reply it will have to be both of us, atm im still looking for alternatives to br.
    for my satalite im tied into a contract for a few more months, petrol no road tax because its a company car
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