Thinking about bankruptcy

whiteroof88

Hi i amcurrently in an IVA but i think its going to fail as i havent supplied them with documents every 6 months. I wasnt sure about an IVA in the first place but felt pushed into it by the company. I am really considering bankruptcy and just want a little help please.

i have a list of all the living expenses i was allowed for the IVA but is it right that when applying for bankruptcy that these expenses arent as strict so i am allowed a little more here and there?

Also when i applied for my IVA i was living at home but have since been kicked out and live with my girlfriend. I pay her the same board as i paid when i lived with parents, but also help out with gas/elec bills etc. But i will be applying for bankruptcy in my own name only and as the house is in my girlfriends name can i put these extra bills on the statement?

Last question is do i need to put my girlfriends wage down on the statement even though its just in my name?

Thanks for any advice

dojoman

Hi and welcome to the forum


Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/



Below is a link you may found helpful about going BR?

https://forums.moneysavingexpert.com/discussion/1056083

Also this link to the Insolvency Service is useful!

http://www.insolvency.gov.uk/

whiteroof88

Thanks for the reply, will have a look through the info and see if i can find the info

whiteroof88

can anybody shed some light on the answers i am looking for please? cant find them in the links above

dojoman

whiteroof88 wrote: »

Hi i amcurrently in an IVA but i think its going to fail as i havent supplied them with documents every 6 months. I wasnt sure about an IVA in the first place but felt pushed into it by the company. I am really considering bankruptcy and just want a little help please.

i have a list of all the living expenses i was allowed for the IVA but is it right that when applying for bankruptcy that these expenses arent as strict so i am allowed a little more here and there? Some things that are allowed in an IVA are not allowed in BR, but generally the allowances are a little more in BR

Also when i applied for my IVA i was living at home but have since been kicked out and live with my girlfriend. I pay her the same board as i paid when i lived with parents, but also help out with gas/elec bills etc. But i will be applying for bankruptcy in my own name only and as the house is in my girlfriends name can i put these extra bills on the statement? You will be allowed to contribute to the general household expenses, so yes you can include them.

Last question is do i need to put my girlfriends wage down on the statement even though its just in my name? You will have to put her contribution to the household expenses but not all her income.

Thanks for any advice

Hope this helps, I am off out now but others will be along to help as well.

whiteroof88

thanks dojoman!

any extra info from anybody would be greatly appreciated

whiteroof88

i take the general expenses will be insurance, gas, elec, water and council tax, tv licence?

Ineedaname

If you contribute to the houshold expenses as a partner then yes, include them in your SOA. As Dojoman said though, you will need to detail the full cost of bills and rent for the house and to balance it include your partner's contribution to those expenses.

So treat is as a joint income/expenditure form but only include as 'partner's income' the amount she pays towards the household expenses; rent, bills, groceries. Her own personal expenses such as haircuts, medical etc. are her own business and do not need to be detailed.

It might help if you are willing to post up an SOA for us to look through. Members can then advise how an OR would view the figures and help you adjust it accordingly.

Have you taken advice from any of the debt advice charities detailed in post 2? Taking impartial professional advice is a pre-requisite to going BR.

whiteroof88

I haven't spoken to anyone yet but will be in the next few days hopefully. We would pay everything 50/50 really, even though it is her house but I see it fair for it to be like that. I have no problem uploading a SOA but it will be tomorrow now as I am on my way to work. From what I put on it earlier I had 400 a month surplus so that would be taken straight away wouldn't it? Would that be for 3 years? I know it's not accurate so it would change here and there

Ineedaname

If you have an IPA then it runs for 3 years from when it is set up, usually a few months after BR. It's variable as your income/expenditure changes.

whiteroof88

What determines if you have an IPA or not? Just the amount of money I have left over after everything has been taken into consideration?