Any advice?

FrenchMaid_2

[FONT=Verdana, Arial, Helvetica]This is going to be rather long I fear.

In 2005 we bought our house for 135k. 6 months later we took out a secured loan to consolidate some of my husband's credit card debt and to do work on the house. The secured loan was for 35k.

In 2006 I had my daughter and suffered from antenatal and then postnatal depression, which made working for me near impossible.

We managed fine, however, my husband having a good job. In February 2008 he started with a new company and a huge pay rise and all was well until that company stopped paying salaries in November 2008, he went without a salary until February when the business went bankrupt. He immediately had a new job and a while later we got some money back from the state. Then the new employer started paying late and eventually stopped paying. Husband took an emergency freelance job in London to tide us over. the business went bust and husband got a new job but within three months that business went too. I know this sounds hard to believe, but it is true.

For the past 8 months my husband has been working freelance in London, while me and my daughter live in the Midlands. He comes home on weekends. I've started to do translations from home and set up a photography business (didn't invest anything into it, had the camera and the lenses) as the cost of working in London (staying in cheapo B&B, food, travel costs) leaves us with a shortfall otherwise.

We just about manage to make all the payments each month, but if anything happens like when my daughter was poorly in hospital in January and we thought she was going to die and my husband didn't work for a week (freelance - no work no pay) we then seriously struggle. Any day he is not working means that we struggle to make ends meets.

We would love to move down nearer to London, so my husband could commute on a daily basis and rent but we cannot sell the house we are in.

Remaining mortgage: 130k
Secured loan to settle: 38k
House value: 105k
Shortfall: 63k
Credit card debt: 12k
Very catalogue: 4k (bought something when all was well on buy now pay later and then all the non-paying happened)

Our monthly mortage payments are currently: £833 (we've just came out of fixed rate £903 and now I have sleepless nights over the interest rates rising and we cannot enter a fixed rate as mortgage company won't let us)
Secured loan: £362
Unsecured debt repayment: £550

We currently have to supplement our month by month outgoings by using up the inheritance we got from my husband's nan (3k) and the credit card...Also some months we earn slightly more (both being freelance) and other months less... the income numbers are therefore average...

I worry that my husband is sinking into depression because he is away from home all the time and we really just want to live together. I know we could reduce the unsecured debt repayment by entering into an agreement but that really would not

He makes a really good living but we are in such a mess that we just need to earn more and more and I worry about April because of the many bank holidays he cannot work it meanst that we will be £300 short:(

We have tried to speak to both the mortgage company and the secured loan company but there has been no understanding because we just about manage to pay everything every month so they cannot see the problem. I asked about renting out the property but as the valuation for rental income is only £400 they won't let us do that either. I asked about selling the house and repaying the debt: they won't consider that either.

I spoke to National Debtline and the lady said to move down south, secure a rented property, put aside the money for the bankruptcy, hand the key over to the mortgage company and then declare bankruptcy.

Wouldn't that be seen as us delibaretly causing bankruptcy?
where would we declare bankruptcy? In the Midlands or London?
Would we struggle to live after bankruptcy, can they take away all your earnings?
In the long run we want to emmigrate to the US, is there an issue doing that if you are bankrupt?
How long can you not become a director of a company? Not that it is an issue right now but because we are essentially sole traders but it may be an issue if you can never ever be a director again.

Any help really appreciated.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 3300
Partners monthly income after tax....... 1500
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4881.2

Monthly Expense Details
Mortgage................................ 833
Secured/HP loan repayments.............. 362
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 90
TV Licence.............................. 11
Satellite/Cable TV...................... 67
Internet Services....................... 25
Groceries etc. ......................... 900
Clothing................................ 100
Petrol/diesel........................... 180
Road tax................................ 300
Car Insurance........................... 67
Car maintenance (including MOT)......... 100
Car parking............................. 30
Other travel............................ 284
Childcare/nursery....................... 57
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 50
Pet insurance/vet bills................. 100
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 101
Other insurance......................... 15
Presents (birthday, christmas etc)...... 40
Haircuts................................ 20
Entertainment........................... 30
Holiday................................. 30
Emergency fund.......................... 100
Accounting co and professional insurance 100
Total monthly expenses.................. 5081


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(833)......0
Secured Debt.................. 38000....(362)......0
Total secured & HP debts...... 168000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......200.......0
Barclaycard 2..................4500......100.......0
Very...........................4000......250.......39.6
Total unsecured debts..........16700.....550.......-


Monthly Budget Summary
Total monthly income.................... 4,881.2
Expenses (including HP & secured debts). 5,081
Available for debt repayments........... -199.8
Monthly UNsecured debt repayments....... 550
Amount short for making debt repayments. -749.8

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -168,000
Total Unsecured debt.................... -16,700
Net Assets.............................. -183,900

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

Ineedaname

Oh my goodness, a really bad run of things and lots of questions. Thanks for posting the SOA, someone will be along shortly to comment on that.

If you intend to go BR then stop paying all debts, save for your BR fees and a deposit and move into rented.

You would have to declare BR in the Midlands unless you wait a few months when you could then declare in London.

They cannot take away all your earnings, the allowances in BR are actually quite reasonable. But any surplus over £20 will be taken in an IPA.

There are members who are BR in the UK but working abroad, I don't know if they went BR when already abroad though and how it would affect applying for visas.

You cannot be a Director during your BR year, once discharged that restriction is lifted.

JCS1

where would we declare bankruptcy? In the Midlands or London? Depends when you go BR, it has to be where you've lived for the past 6 (I think) months
Would we struggle to live after bankruptcy, can they take away all your earnings? OR will allow you reasonble expenses and then take any surplus for a period of 36 months
In the long run we want to emmigrate to the US, is there an issue doing that if you are bankrupt? None
How long can you not become a director of a company? Not that it is an issue right now but because we are essentially sole traders but it may be an issue if you can never ever be a director again. You cannot be a director for the year you are bankrupt/


With regards to your SOA, there are some figures which are way higher than will be allowed (groceries for example), and some that I think are a annual rather than monthly figure (Road tax £300 a month?) Also, you need to show contribution to household from the sole trader rather than showing income and then showing business expenses. So bring in £3,000 less business expenses of £2k then income is £1k. I therefore haven't commented on other items on your SOA as unsure which are personal and which are business related.

dojoman

FrenchMaid wrote: »

[FONT=Verdana, Arial, Helvetica]This is going to be rather long I fear.

In 2005 we bought our house for 135k. 6 months later we took out a secured loan to consolidate some of my husband's credit card debt and to do work on the house. The secured loan was for 35k.

In 2006 I had my daughter and suffered from antenatal and then postnatal depression, which made working for me near impossible.

We managed fine, however, my husband having a good job. In February 2008 he started with a new company and a huge pay rise and all was well until that company stopped paying salaries in November 2008, he went without a salary until February when the business went bankrupt. He immediately had a new job and a while later we got some money back from the state. Then the new employer started paying late and eventually stopped paying. Husband took an emergency freelance job in London to tide us over. the business went bust and husband got a new job but within three months that business went too. I know this sounds hard to believe, but it is true.

For the past 8 months my husband has been working freelance in London, while me and my daughter live in the Midlands. He comes home on weekends. I've started to do translations from home and set up a photography business (didn't invest anything into it, had the camera and the lenses) as the cost of working in London (staying in cheapo B&B, food, travel costs) leaves us with a shortfall otherwise.

We just about manage to make all the payments each month, but if anything happens like when my daughter was poorly in hospital in January and we thought she was going to die and my husband didn't work for a week (freelance - no work no pay) we then seriously struggle. Any day he is not working means that we struggle to make ends meets.

We would love to move down nearer to London, so my husband could commute on a daily basis and rent but we cannot sell the house we are in.

Remaining mortgage: 130k
Secured loan to settle: 38k
House value: 105k
Shortfall: 63k
Credit card debt: 12k
Very catalogue: 4k (bought something when all was well on buy now pay later and then all the non-paying happened)

Our monthly mortage payments are currently: £833 (we've just came out of fixed rate £903 and now I have sleepless nights over the interest rates rising and we cannot enter a fixed rate as mortgage company won't let us)
Secured loan: £362
Unsecured debt repayment: £550

We currently have to supplement our month by month outgoings by using up the inheritance we got from my husband's nan (3k) and the credit card...Also some months we earn slightly more (both being freelance) and other months less... the income numbers are therefore average...

I worry that my husband is sinking into depression because he is away from home all the time and we really just want to live together. I know we could reduce the unsecured debt repayment by entering into an agreement but that really would not

He makes a really good living but we are in such a mess that we just need to earn more and more and I worry about April because of the many bank holidays he cannot work it meanst that we will be £300 short:(

We have tried to speak to both the mortgage company and the secured loan company but there has been no understanding because we just about manage to pay everything every month so they cannot see the problem. I asked about renting out the property but as the valuation for rental income is only £400 they won't let us do that either. I asked about selling the house and repaying the debt: they won't consider that either.

I spoke to National Debtline and the lady said to move down south, secure a rented property, put aside the money for the bankruptcy, hand the key over to the mortgage company and then declare bankruptcy.

Wouldn't that be seen as us delibaretly causing bankruptcy?
where would we declare bankruptcy? In the Midlands or London?
Would we struggle to live after bankruptcy, can they take away all your earnings?
In the long run we want to emmigrate to the US, is there an issue doing that if you are bankrupt?
How long can you not become a director of a company? Not that it is an issue right now but because we are essentially sole traders but it may be an issue if you can never ever be a director again.

Any help really appreciated.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 3300
Partners monthly income after tax....... 1500
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4881.2

Monthly Expense Details
Mortgage................................ 833
Secured/HP loan repayments.............. 362
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0 £60 Max inc mobile phones.
Mobile phone............................ 90
TV Licence.............................. 11
Satellite/Cable TV...................... 67 Not Allowed in BR
Internet Services....................... 25 Only if essential for work/study
Groceries etc. ......................... 900 £500 Max
Clothing................................ 100 £70
Petrol/diesel........................... 180
Road tax................................ 300 Seems high?
Car Insurance........................... 67
Car maintenance (including MOT)......... 100 £40
Car parking............................. 30
Other travel............................ 284 What is this
Childcare/nursery....................... 57
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 50 £20
Pet insurance/vet bills................. 100 £25
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 101 OR may have an interest
Other insurance......................... 15 What is this?
Presents (birthday, christmas etc)...... 40 Not Allowed
Haircuts................................ 20 £25
Entertainment........................... 30 Not Allowed
Holiday................................. 30 £50
Emergency fund.......................... 100 Not Allowed
Accounting co and professional insurance 100 What is this?
Total monthly expenses.................. 5081


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(833)......0
Secured Debt.................. 38000....(362)......0
Total secured & HP debts...... 168000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......200.......0
Barclaycard 2..................4500......100.......0
Very...........................4000......250.......39.6
Total unsecured debts..........16700.....550.......-


Monthly Budget Summary
Total monthly income.................... 4,881.2
Expenses (including HP & secured debts). 5,081
Available for debt repayments........... -199.8
Monthly UNsecured debt repayments....... 550
Amount short for making debt repayments. -749.8

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -168,000
Total Unsecured debt.................... -16,700
Net Assets.............................. -183,900

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

I don`t want to read and run but some of your figures in your SOA are extremely high and there is no way an OR will allow them. I have highlighted some of them for you, hope this helps? Also the advice you have been given by the ND seems to best route for you. I have done it on the pretense that you have handed the house back to the mortgage company. Sorry if it seems harsh but there is no way an OR will allow your figures.

FrenchMaid_2

oops yes road tax is annually...

The food allowance is quite high, however it takes into consideration that my husband currently working in London 5 days a week staying in a B&B and having sandwiches and stuff like that.

Plus we have three cats, would I have to get rid of them?

I spent on our groceries about £140 a week that includes cat food and all things like shower gel, washing powder etc.

My husband spends £8-10 a day on food in London, he stays in a B&B and there is nowhere to prepare food. £10 is for 3 meals a day (breakfast, lunch and dinner) and I think that is reasonable for London.

The income is net income, i.e. after tax and yes some of the expenses listed are business expenses.

JCS1

FrenchMaid wrote: »

oops yes road tax is annually...

The food allowance is quite high, however it takes into consideration that my husband currently working in London 5 days a week staying in a B&B and having sandwiches and stuff like that.

Plus we have three cats, would I have to get rid of them?

I spent on our groceries about £140 a week that includes cat food and all things like shower gel, washing powder etc.

My husband spends £8-10 a day on food in London, he stays in a B&B and there is nowhere to prepare food. £10 is for 3 meals a day (breakfast, lunch and dinner) and I think that is reasonable for London.

The income is net income, i.e. after tax and yes some of the expenses listed are business expenses.

No one will make you get rid of the cats. But the business expenses need deducting from the SOA and contribution to household decreased by the same amount.

OR won't allow you £900 a month for groceries, and I would expect that to reduce to £450-500. No doubt your husband's food costs would reduce once you moved to that area anyway? The old style forum on here will also be able to help, one member created a website to feed a family of 4 for £100 a month healthily. I'm not saying you have to do this, but it is good for ideas.

FrenchMaid_2

I am sorry I am confused now, I have not declared bankruptcy yet so the figures I have given actual current figures, to car tax was a mistake

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 3300
Partners monthly income after tax....... 1500
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4881.2

Monthly Expense Details
Mortgage................................ 833
Secured/HP loan repayments.............. 362
Rent.................................... 750
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 90 - this is for 2 mobile phones, both of which are used for business.
TV Licence.............................. 11
Satellite/Cable TV...................... 67 - I can understand that my sky package would have to go but this also includes my phone line for £12
Internet Services....................... 25 - I have a website for my business, most of my business is generated online, plus my husband needs remote access to his work without web no income
Groceries etc. ......................... 900 - £500 for a family of three and three cats? I spent on our groceries about £140 a week that includes cat food and all things like shower gel, washing powder etc. My husband spends £8-10 a day on food in London, he is currently away from home 5 days a week, he stays in a B&B and there is nowhere to prepare food. £10 is for 3 meals a day (breakfast, lunch and dinner) and I think that is reasonable for London.
Clothing................................ 100 £70 for a family of three? or per person?
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 67
Car maintenance (including MOT)......... 100 £40 does seem really low
Car parking............................. 30
Other travel............................ 284 - my husband works in London this is 5 days Oyster Card and London Travel plus return ticket to the Midlands for the W/E
Childcare/nursery....................... 57
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 50 -
Pet insurance/vet bills................. 100 - we have three cats, each cat costs £12.50 to insure plus flea treatment, so does this mean I have to get rid of them?
Buildings insurance..................... 35
Contents insurance...................... 0
Life assurance ......................... 101 - this is a death and critical illness insurance for the mortgage, we would get rid of that if we no longer have a mortgage
Other insurance......................... 15 - pipe insurance for the house
Presents (birthday, christmas etc)...... 40 - so I am not allowed to buy my daughter anything for Xmas?
Haircuts................................ 20
Entertainment........................... 30 - this is my daughter's swimming lessons and ballet, so I guess she would no longer be able to do that.
Holiday................................. 30
Emergency fund.......................... 100- so if this is not allowed I would not be able to put any money aside in case the car breaks or my camera breaks both of which would mean I could no longer carry out my business?
Accounting co and professional insurance 100 we both have to have professional liability and indemnity insurance due to the nature of our work this works out at £20 each per month, plus accounting costs because our sole trading situation is complicated. It also includes my secure login site for the photography where clients order photos, that is £20.
Total monthly expenses.................. 4806


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(833)......0
Secured Debt.................. 38000....(362)......0
Total secured & HP debts...... 168000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......200.......0
Barclaycard 2..................4500......100.......0
Very...........................4000......250.......39.6
Total unsecured debts..........16700.....550.......-


Monthly Budget Summary
Total monthly income.................... 4,881.2
Expenses (including HP & secured debts). 4,806
Available for debt repayments........... 75.2
Monthly UNsecured debt repayments....... 550
Amount short for making debt repayments. -474.8

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -168,000
Total Unsecured debt.................... -16,700
Net Assets.............................. -183,900

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

dojoman

The figures I have put down are what the OR will allow, and where I have stipulated amounts that are not allowed, then unfortunately if you are going Br they are not an allowable expense. Please have look at this link

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part2/part_2.htm

Everyone who has gone BR has been assessed under the same rules.

Also if this is a business related BR, you may be wise speaking to Business Debt Line,

http://www.bdl.org.uk/ (business debt line)

JCS1

FrenchMaid wrote: »

I am sorry I am confused now, I have not declared bankruptcy yet so the figures I have given actual current figures, to car tax was a mistake

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1 How much is this worth and any finance outstanding on it?

Monthly Income Details
Monthly income after tax................ 3300
Partners monthly income after tax....... 1500
Benefits................................ 81.2
Other income............................ 0
Total monthly income.................... 4881.2

Monthly Expense Details
Mortgage................................ 833
Secured/HP loan repayments.............. 362
Rent.................................... 750 Rent and a mortgage?
Management charge (leasehold property).. 0
Council tax............................. 105
Electricity............................. 67
Gas..................................... 67
Oil..................................... 0
Water rates............................. 25
Telephone (land line)................... 0
Mobile phone............................ 90 - this is for 2 mobile phones, both of which are used for business. Business expenses so should not appear on this section of SOA. Reduce your income by this amount instead
TV Licence.............................. 11 £13
Satellite/Cable TV...................... 67 - I can understand that my sky package would have to go but this also includes my phone line for £12 Add to land line above
Internet Services....................... 25 - I have a website for my business, most of my business is generated online, plus my husband needs remote access to his work without web no income Comes out of income
Groceries etc. ......................... 900 - £500 for a family of three and three cats? I spent on our groceries about £140 a week that includes cat food and all things like shower gel, washing powder etc. My husband spends £8-10 a day on food in London, he is currently away from home 5 days a week, he stays in a B&B and there is nowhere to prepare food. £10 is for 3 meals a day (breakfast, lunch and dinner) and I think that is reasonable for London. Business expenses come out of his income, and wouldn't this reduce anyway once you moved? £140 a week is still £606 a month which is on the high side, check out the old style board for assistance with this
Clothing................................ 100 £70 for a family of three? or per person? For the family
Petrol/diesel........................... 180
Road tax................................ 25
Car Insurance........................... 67
Car maintenance (including MOT)......... 100 £40 does seem really low
Car parking............................. 30
Other travel............................ 284 - my husband works in London this is 5 days Oyster Card and London Travel plus return ticket to the Midlands for the W/E Business expenses, take off SOA and reduce his income by this amount
Childcare/nursery....................... 57
Other child related expenses............ 40 What is this?
Medical (prescriptions, dentist etc).... 50 -
Pet insurance/vet bills................. 100 - we have three cats, each cat costs £12.50 to insure plus flea treatment, so does this mean I have to get rid of them? No one will make you get rid of them. When it comes to renewal check out cash back sites and shop around for the best deal. is flea treatment really £67-50 a month?
Buildings insurance..................... 35 Will you still have this when you're renting
Contents insurance...................... 0
Life assurance ......................... 101 - this is a death and critical illness insurance for the mortgage, we would get rid of that if we no longer have a mortgage
Other insurance......................... 15 - pipe insurance for the house
Presents (birthday, christmas etc)...... 40 - so I am not allowed to buy my daughter anything for Xmas? Not considered an essential expenses, but you can make savings in other areas so can use that money instead. For example I have increased holidays, so the money from that could be used instead
Haircuts................................ 20 £10 per adult, £5 per child
Entertainment........................... 30 - this is my daughter's swimming lessons and ballet, so I guess she would no longer be able to do that. One after school activity allowable per child
Holiday................................. 30 £60
Emergency fund.......................... 100- so if this is not allowed I would not be able to put any money aside in case the car breaks or my camera breaks both of which would mean I could no longer carry out my business? Your examples are business costs, not domestic. £10 per person as an emgerency fund
Accounting co and professional insurance 100 we both have to have professional liability and indemnity insurance due to the nature of our work this works out at £20 each per month, plus accounting costs because our sole trading situation is complicated. It also includes my secure login site for the photography where clients order photos, that is £20. Business expenses, reduce income by this amount
Total monthly expenses.................. 4806


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 800


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 130000...(833)......0
Secured Debt.................. 38000....(362)......0
Total secured & HP debts...... 168000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard....................8200......200.......0
Barclaycard 2..................4500......100.......0
Very...........................4000......250.......39.6
Total unsecured debts..........16700.....550.......-


Monthly Budget Summary
Total monthly income.................... 4,881.2
Expenses (including HP & secured debts). 4,806
Available for debt repayments........... 75.2
Monthly UNsecured debt repayments....... 550
Amount short for making debt repayments. -474.8

Personal Balance Sheet Summary
Total assets (things you own)........... 800
Total HP & Secured debt................. -168,000
Total Unsecured debt.................... -16,700
Net Assets.............................. -183,900

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

I've made a few comments above, but please take advice from business debtline or one of the other debt charities to discuss further.

FrenchMaid_2

JCS1 wrote: »

I've made a few comments above, but please take advice from business debtline or one of the other debt charities to discuss further.

Thanks for that, I think I get you now, so e.g. I would deduct my professional insurance from my income and that would be my actual income... i.e. deducting all business expenses so it is my actual income.

I see. Also is it then possible to leave some money in the business set aside in case the camera breaks? Or is that not possible?

kepar

I am sorry to state this as you are in a difficult position, but you seem from your comments to want to maintain your current lifestyle after bankruptcy. Going bankrupt is not an easy decision and should not just be a way of dumping your debts and carrying on with the same lifestyle.
You will have to sacrifice things you do now, you cannot expect anything else.

Another point I will raise if you go bankrupt where you are the Or might not allow the mortgage/secure loan combined and only allow the average rent for a two bed in your area.

If you do go bankrupt and try and find somewhere to rent, it is not any easy process. Along with this fact everything else you take for granted like mobile phones, utilities , insurances are not as easy to obtain once you have the BR branded onto your forehead. It takes years for it to dissolve and in some cases in never does.
To be honest though looking at your figures and tightening your belt for a few months could help. Do you need the car or is that a luxury????????