Attempting bankruptcy

moneymakestheworldgoround

Right, it does seem I may qualify for the fee waiver - proving it at the moment is another matter but it takes the probable target down to £525.

Did car boot and also got money from ex and friend so should have had £200 for the BR fund, but I have had to spend it all on new shoes for eldest, school trips x 3, school bill outstanding for 2 months, petrol and rent arrears. So not much further along. This is really hard :mad:

Still got guaranteed:

1) £200 from child benefit - 11th December

2) £200 maintenance from ex - 30th November

Possible:

3) £100 for selling exercise equipment

So it is still possible, but its making sure when this money comes in it isnt needed elsewhere. And it is to be honest. Need to think outside the box with this I think.

TOTAL £10
TO FIND £515

I can do it

moneymakestheworldgoround

Just a thought....

if a creditor makes me bankrupt, are all the processes the same? Is it still 12 months until discharge etc... or longer?

I am struggling to raise the £525 needed, and I have 3 accounts with Lowell so I was wondering if it would be better to allow them to make me bankrupt? Or is it better to declare it yourself?

PippaGirl_2

Process is the same once made BR, however it is generally better to be in control of the timescale yourself. Companies rarely make you BR unless they feel sure you have assets and therefore they would realise their debt and the fees it would cost them to apply for BR. Without that assurance they are likely instead to up the anti and pile on the pressure to chase their debt with you.

moneymakestheworldgoround

Thanks PippaGirl - I will plod on then

moneymakestheworldgoround

Sorry, another question ( or two)

1) I am confused about the debts. Do all creditors pre bankruptcy ( other than non provable ones) get included, or only the ones you detail? I am 99% sure I have details of all debts I have, but if I forget one that reappears in 3 or 4 months time, do I need to ring the OR to include it or does it fall outside the bankruptcy and I need to pay it?

2) Student grants. I am looking at studying a degree after bankruptcy and there are several grants I am entitled to. Obviously I would declare these but does that open me up to an IPA? Does it matter if I get accepted onto the course before or after the bankruptcy date? Seems a lot of paperwork to do and I am not sure if it will take longer or shorter than my quest to raise £700?

Thanks in advance?

moneymakestheworldgoround

Hi

I havent included debt repayments on here because this isnt for the purposes of disposable income. However, can anyone advise me about the following figures for my bankruptcy form please?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 242 Child benefit - I have applied for other benefits but no response yet
Other income............................ 200 Child maintenance
Total monthly income.................... 442

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 88 Includes arrears payment
Electricity............................. 70
Gas..................................... 120 Card meter - includes arrears payment weekly
Oil..................................... 0
Water rates............................. 80 Includes arrears payments
Telephone (land line)................... 30 Internet and phone
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 Includes nappies for youngest. If I buy monthly shop I can get this down to 220 but normally due to poor income, I am shopping every 4 days which costs more
Clothing................................ 0
Petrol/diesel........................... 160 Have a prohibitive steps order which states I have to take kids to my ex twice a month. This equates to £135 of this
Road tax................................ 11
Car Insurance........................... 88 Points on licence, single parent of 4 kids and parking on street. All adds up. This was the cheapest I could get
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Free in Wales
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Never afforded to get this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 We dont do these
Entertainment........................... 0 Dont go out
Holiday................................. 0 Dont have these
Emergency fund.......................... 10 Never had this to put away but would like to get to this stage!
Total monthly expenses.................. 1179


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts


Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 400

My parents have been bailing me out each month for the shortfall each month but not enough to cover all payments and I am slipping further and further behind.

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

tiggerbodhi

moneymakestheworldgoround wrote: »

Hi

I havent included debt repayments on here because this isnt for the purposes of disposable income. However, can anyone advise me about the following figures for my bankruptcy form please?

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 242 Child benefit - I have applied for other benefits but no response yet
Other income............................ 200 Child maintenance
Total monthly income.................... 442

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 200
Management charge (leasehold property).. 0
Council tax............................. 88 Includes arrears payment for BR just put the cost going forward, the arrears will go into BR
Electricity............................. 70
Gas..................................... 120 Card meter - includes arrears payment weekly for BR just put the cost going forward, the arrears will go into BR, probably after BR go onto pre payment card
Oil..................................... 0
Water rates............................. 80 Includes arrears payments for BR just put the cost going forward, the arrears will go into BR
Telephone (land line)................... 30 Internet and phone
Mobile phone............................ 0
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 300 Includes nappies for youngest. If I buy monthly shop I can get this down to 220 but normally due to poor income, I am shopping every 4 days which costs more "allowed by the OR £250 for one adult, so £300 is low for 1+4, re-consider
Clothing................................ 0
Petrol/diesel........................... 160 Have a prohibitive steps order which states I have to take kids to my ex twice a month. This equates to £135 of this, this is OK, but you might want to consider that you are only getting £65 in maintenance in effect, talk to CSA
Road tax................................ 11
Car Insurance........................... 88 Points on licence, single parent of 4 kids and parking on street. All adds up. This was the cheapest I could get
Car maintenance (including MOT)......... 10 not enough in reality
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0 Free in Wales
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 Never afforded to get this you should budget for this, even if just a small amount, IHMO it is essential
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0 We dont do these, maybe but the OR thinks you should £20 for all five
Entertainment........................... 0 Dont go out, the OR doesnt allow this anyway, but there are plenty of fun things for free anyway
Holiday................................. 0 Dont have these maybe but the OR thinks you should £20 for a UK holiday
Emergency fund.......................... 10 Never had this to put away but would like to get to this stage!
Total monthly expenses.................. 1179


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 400
Other assets............................ 0
Total Assets............................ 400

No Secured nor Hire Purchase Debts


Personal Balance Sheet Summary
Total assets (things you own)........... 400
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 400

My parents have been bailing me out each month for the shortfall each month but not enough to cover all payments and I am slipping further and further behind.

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

You fill the SOA for what you need to live on for the BR forms, not what it is costing at the moment, make sure you put everything down, wish you luck,

moneymakestheworldgoround

tiggerbodhi wrote: »

You fill the SOA for what you need to live on for the BR forms, not what it is costing at the moment, make sure you put everything down, wish you luck,

I didnt realise that. I thought it was to explain your current situation. Glad I asked now!

Thanks !!

moneymakestheworldgoround

From what I have read, I am 80% certain I can keep the car, partly because of the kids, partly because of the low value and partly because I have the prohibitive steps order. Is this a correct assumption? I dont care to be honest, if they take the car I would be happy. I dont need it apart from the trips to the ex.

tiggerbodhi

moneymakestheworldgoround wrote: »

From what I have read, I am 80% certain I can keep the car, partly because of the kids, partly because of the low value and partly because I have the prohibitive steps order. Is this a correct assumption? I dont care to be honest, if they take the car I would be happy. I dont need it apart from the trips to the ex.

OR wont be interested in the car as worth less than a £1000, maybe the ex could come and get them, save you £125 a month.