Some questions about filling in my bankruptcy forms

Sarah_Star

Hi

I hope someone can help with some questions I have about filling in my bankruptcy forms.

I used to be self-employed until the beginning of April. I have now been offered a full time PAYE job. I haven't started this yet, but I am still wanting to go bankrupt! My debts are too high. All of them at the moment are accepting £2 a month, but they are not going away. I want a fresh start. Anyway...

Should I wait until I have my first full months wage / payslip before going bankrupt? I'd rather start it asap but if waiting is better then fine.

Should I stop paying my creditors £2 a month now as I will be going bankrupt in a month or 2? I feel this may just cause hassle.

I am paying 1 of my creditors 50p more than the others as they rang me up and asked for more. I've stopped this now but will this make a difference to my bankruptcy?

What evidence do I need to show at my bankruptcy? ie a rental agreement and payslip (fair enough) but what else?

And the big question!!
My monthly expenses. (I live with my boyfriend who earns £17000 before tax. If that makes a difference.)
I want to put (monthly)
Food £200 (or more)
Recreation £100 (or more) {as in I want to go out once a week or do something social or travel and go see friends}
Emergency fund (as I have 2 cats and for other emergencies) £30 (or more)
Save for holidays/Christmas/Birthdays £40 (or more)
Improvements (to my rented house ie. new oven etc) £30 (or more)

The rent and bills and things are all in too, I'm just wondering if the OR will accept these things too.

Oooo - 1 more thing. Should I talk to my bank now and say I'm going bankrupt soon, 'can you down grade my account to a basic one now'. (Will this stop it getting frozen?)

Thanks for any help you can give. Or if you're not sure, can someone give me a phone number for someone who can answer these questions.

Sarah

JCS1

Have you taken advice from one of the free debt charities? If not you need to do so, as your bankruptcy can be refused if you have not taken advice.

You can go bankrupt before starting the job (and you would not get a NT Tax Code IPA if you did this) or after you start the job.

The 50p extra to one creditor will not make a difference.

I suggest that you post up your outgoings for comment, recreation will not be allowed, neither would Christmas or birthdays (but holiday would), emergencies would be £10 per person per month.

Regarding the bank account, it depends - which bank are you with?

Sarah_Star

I'm with Natwest. I had bad credit when I first went with them so was put on a Cash Card. I'm hoping they'll put me back to this. I think they should do!

I have been to the CAB. That was when I was unemployed - before I got this job. I may go back to them to make sure I fill out the forms properly.

My outgoings are
Rent £200
Housekeeping £300
Gas/Electric £50
Water £10
Telephone £35
Travelling £64
Clothing £40
Council Tax £43
Dentist £10
Emergency £30
Hair £10
Work Meals £30
Holiday £20

I will have money left after this is taken off my wage so I'm expecting to pay some back to my creditors for 3 years - which is fine!

How much 'spare' cash do I need to have for them to take it to give it to my creditors? And how much of it do they give them? Do I get to keep any of the extra?

Thanks

confuzzled2012

hi, from what i understand you don't keep any spare money, also, £300 housekeeping seems a lot for 1 person? There is no point in you paying creditors back if your going bankrupt, the OR pays with what you pay towards your bankrupcy. Would you be allowed work meals? I'm thinking of going bankrupt soon, all a bit up and down at the minute. Hope it goes ok.

Sarah_Star

I might just make an appointment to go back to the CAB so I know exactly what I'm doing is right! Maybe I'm earning enough for this to not be the right course of action any more. Hmmm :P

Hope yours goes alright!!

Also - the housekeeping includes food, toiletries, cleaning stuffs and pet food / keep. I have 2 cats and need to make sure they're looked after! I may lower this a bit but I also want money for just incase they get ill or anything.

I've emailed National Debtline. I'm hoping they'll get back to me with proper answers. The CAB have closed my case with themselves and said I need to re-see them and that's going to take ages. Hmmm.

tigerfeet2006

Nat West won't let you keep the account most likely. The only 2 truely BR friendly banks are the Co-op and Barclays. See the sticky at the top of the page.

To fill in your SoA if you are living with your partner you need to put your joint household outgoings in full ie: re
nt, utilities, contents insurance, landline. Your personal outgoings ie: mobile, clothes, transport. You put your full income down and your OH's contribution to the joint household expenses, not his full income. The OR may ask what he earns though to check he is contributing a fair amount.

I'll just get a template for the SoA we use on here for you to fill in and post it for you.

Have a look at the LOOK HERE FIRST:Bankruptcy Help sticky.

I definatly recommend talking to the CAB again and possibly someone like National Debtline.

tigerfeet2006

Sarah_Star wrote: »

I might just make an appointment to go back to the CAB so I know exactly what I'm doing is right! Maybe I'm earning enough for this to not be the right course of action any more. Hmmm :P

Hope yours goes alright!!

Also - the housekeeping includes food, toiletries, cleaning stuffs and pet food / keep. I have 2 cats and need to make sure they're looked after! I may lower this a bit but I also want money for just incase they get ill or anything.

I've emailed National Debtline. I'm hoping they'll get back to me with proper answers. The CAB have closed my case with themselves and said I need to re-see them and that's going to take ages. Hmmm.

LOL seen you have already done so

Here's the template http://makesenseofcards.com/soacalc.html

As for housekeeping then if you live on your own you can put down around £200 and if a couple £400-ish. You should be able to manage on that, if you need help then pop over to the Old Style Board on here and the excellent ladies and gents will help you with it.

You can put around £20/25 down for pet insurance and to pay for things that are not covered by pet insurance.

You can put £10 per person a month for emergancies.