Starting the bankruptcy journey at last

kaleidoscope

ok, Im in a state now..it says on the SOA to list my accountant and solicitor..I was/am a sole trader who works occasionally doing something that would be considered hobbyist..Ive never had an accountant or a solicitor..wll the OR think it suspicious that I dont have either of these?? I cant really say what I do without giving myself away

Angiepange

kaleidoscope wrote: »

Ive just clicked on the link in the sticky "How to petition for your own bankruptcy" and Im getting an Error 404..does anyone have the correct link? I think I need to start the ball rolling

Try this link, hope it works


http://www.insolvency.gov.uk/bankruptcy/applicationfor.htm

Angiepange

kaleidoscope wrote: »

ok, Im in a state now..it says on the SOA to list my accountant and solicitor..I was/am a sole trader who works occasionally doing something that would be considered hobbyist..Ive never had an accountant or a solicitor..wll the OR think it suspicious that I dont have either of these?? I cant really say what I do without giving myself away

I don't know the answer here hun, but try not to get in a state. Deep breaths!

Someone will be along who can help you x

kaleidoscope

Thanks for that link..thats great

ah well..I suppose the worst is that the OR will ask me to supply my rather disorganised books to an acc..theres not a lot to show for the last two years tbh

kaleidoscope

another thing that worries me is that my income is not guarunteed or regular and I have gone weeks without work..how do I go about declaring that on SOA?/ I have earned £200 since christmas and that is not profit..

kaleidoscope

have just added my SOA..there doesnt appear to bea section for adding in my car lease cost which is £309 a month..Ive also not added the car as an asset as its a contract lease

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1600
Benefits................................ 852
Other income............................ 0
Total monthly income.................... 2452

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 80
Gas..................................... 100
Oil..................................... 0
Water rates............................. 53
Telephone (land line)................... 20
Mobile phone............................ 35
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 25
Groceries etc. ......................... 600
Clothing................................ 60
Petrol/diesel........................... 100
Road tax................................ 11.25
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1997.25


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
credit card....................3800......135.......14
credit card....................2500......80........12
loan...........................10000.....262.......16
overdraft......................1130......0.........16
loan...........................2000......151.......8
Total unsecured debts..........19430.....628.......-


Monthly Budget Summary
Total monthly income.................... 2,452
Expenses (including HP & secured debts). 1,997.25
Available for debt repayments........... 454.75
Monthly UNsecured debt repayments....... 628
Amount short for making debt repayments. -173.25

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,430
Net Assets.............................. -19,430

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

tigerfeet2006

kaleidoscope wrote: »

have just added my SOA..there doesnt appear to bea section for adding in my car lease cost which is £309 a month..Ive also not added the car as an asset as its a contract lease You don't put it on your SoA as it is your OH's expense that he pays for from his money.


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 1600 Don't put his full wage here, only what he pays to the joint household bills.
Benefits................................ 852
Other income............................ 0
Total monthly income.................... 2452

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 650
Management charge (leasehold property).. 0
Council tax............................. 150
Electricity............................. 80 This are very high, does it include arrears?
Gas..................................... 100
Oil..................................... 0
Water rates............................. 53
Telephone (land line)................... 20
Mobile phone............................ 35 Put with landline max £60
TV Licence.............................. 12
Satellite/Cable TV...................... 30 Not allowed on your SoA must come from surplus income
Internet Services....................... 25 only allowed if essential for school or work other wise must come from surplus.
Groceries etc. ......................... 600
Clothing................................ 60
Petrol/diesel........................... 100 is this yours or his?
Road tax................................ 11.25 ditto
Car Insurance........................... 25 ditto
Car maintenance (including MOT)......... 10 ditto
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0 £5 per child per week for activities. £2 school dinners primary, £3 secondary
Medical (prescriptions, dentist etc).... 0 £20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 6
Life assurance ......................... 30 the OR will most likely be interested in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 £10 adult £5 child
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1997.25


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
credit card....................3800......135.......14
credit card....................2500......80........12
loan...........................10000.....262.......16
overdraft......................1130......0.........16
loan...........................2000......151.......8
Total unsecured debts..........19430.....628.......-


Monthly Budget Summary
Total monthly income.................... 2,452
Expenses (including HP & secured debts). 1,997.25
Available for debt repayments........... 454.75
Monthly UNsecured debt repayments....... 628
Amount short for making debt repayments. -173.25

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -19,430
Net Assets.............................. -19,430

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using other browser.

If the car costs are your OH then don't put them on and drop his contribution. You could have holiday and emergancy but I don't think you have enough cash floating around for that. Re-do your SoA and put it up again.

kaleidoscope

Thanks Tiger Feet, I will re post, yes the car is his and the life insurance is his as well. The diesel is his also because he uses the car..the electricity is high because we are on a pre payment meter..this was in the property already when we moved in

kaleidoscope

Im a bit stuck..how do I work out my husbands contribution..at the moment he pays for council tax,electricity and gas car lease etc, tv licence and rent, do I put those down as his contribution or add up all the bills and split down the middle

fermi

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