What's The Best Way To Work Out Outgoings?

Steve_C_4

Thanks so much - we both really do appreciate your help.

churchill33

Hi Steve

It would be combined still. Although you both fill out separate forms for bankruptcy, the income and outgoings are based on combined figures.

I am just preparing to do this myself, but my understanding is as follows (I am sure someone will point out any errors if I have mislead you);

So your forms will be exactly the same except you will put your earning ie 600 + your wifes earning 475, less combined outgoings of 900, this will leave a surplus of £175.

Your wife will put her earning of 475 + your earning of 600 less combined outgoings of 900 again there will be a surplus of £175. But as your income and outgoings are linked, they will not take 2 x £175, they will only take 1 x £175.

churchill33

Oops

debtinfo beat me too it!

Steve_C_4

If it were possible - Mrs C would be delighted to make you both a cup of tea.

Or for putting up with all my questions maybe something a touch stronger.

Thanks again for clarifying everything.

churchill33

Tell Mrs C that a coffee with a brandy would be appreciated!! :beer:

kepar

churchill33 wrote: »

Hi Steve

It would be combined still. Although you both fill out separate forms for bankruptcy, the income and outgoings are based on combined figures.

I am just preparing to do this myself, but my understanding is as follows (I am sure someone will point out any errors if I have mislead you);

So your forms will be exactly the same except you will put your earning ie 600 + your wifes earning 475, less combined outgoings of 900, this will leave a surplus of £175.

Your wife will put her earning of 475 + your earning of 600 less combined outgoings of 900 again there will be a surplus of £175. But as your income and outgoings are linked, they will not take 2 x £175, they will only take 1 x £175.

A surplus of £175 you say, but whose surplus?
Because will one of you end up with an IPA or both?

The way to work it out work out the income percentage for each of you.
For example A earns £1000 a month, B earns £600 a month
Therefore A earns 62.5% and B earns 37.5

So if you are B on your SOA you put all of your income plus 62.5% of A's income. The A does the opposite all of A plus 37.5% of B.

Benefits have to be included and usually go on the woman's petition
unless all of the income is benefits.

Steve_C_4

Hi Churchill,

You'll never guess what she said (even I don't believe it - because we haven't got any brandy lol)

But if we did - in the example of our £175.00 surplus - how does the OR work out the "split"

And what would it be for me and for her.

On a side note.

As neither of us are any good at figures - is it any wonder we have high debts and never added up our incomes and what we could afford and now need to go bankrupt.

Steve_C_4

Kepar posted just before me.

But I would still be grateful to know our split on the £175.00.

It should only take you good people a few seconds - as for me and Mrs C it'll take all night

JCS1

Don't worry too much about the split and who will get what IPA. You will both have the same examiner, and they have an excel spreadsheet that they will put the numbers into for each of you and it works it all out.

debtinfo

in your example steve, you have 55% of the income to her 45 % so the IPA would be split the same

Yours 55% of 175 = £96pm

hers 45% of 175 = £79pm