when should I start bankruptcy? after a foreclosure of the property??

dancingfairy

Unfortunately for you sister she signed as guarantor and I would suggest she gets her own advice as well. There really isn't anything you can do that will help with the debts now as you have handed back the keys and it's not like you deliberately got into this mess. Such a sad situation, but hopefully your sister will realise you have done what you thought was best and battled on
df

xxemmaxx_2

dancingfairy wrote: »

Unfortunately for you sister she signed as guarantor and I would suggest she gets her own advice as well. There really isn't anything you can do that will help with the debts now as you have handed back the keys and it's not like you deliberately got into this mess. Such a sad situation, but hopefully your sister will realise you have done what you thought was best and battled on
df

I really wish so, i miss her so much. she never wants to talk to me again but im just stuck in a really bad situation everyone is advising me its my only option and that was even before i handed the keys back, there was no way i could pay near 700 mortgage bymyself when im barley earning anywhere near it a month, ive been relying on benefits to pay what i can, and the fact im even resulting to living in a mobile home to keep outgoings down low should really express my situation. She has received advice and really noone knows whats going to happen till we face it. Property has just crashed so bad over here!! ive literally tried every avenue i could. Always looks like the exs get away with everything doesnt it

xx

xxemmaxx_2

ok girls ive done the soa... any thoughts on this... its sooo hard to judge at the min because im having to not count for the baby who is due in feb so obviously when they are here the clothing allowance and weekly shop will increase slightly.. etc also i have worked out the benefits by a rough calculator if i was to move in with my fiance.. i havent included his income on this if i have to ill amend it...

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2 ( as of next week)
Number of children in household......... 1 ( until jan/feb )
Number of cars owned.................... 1 ( 1 2006 prob worth 1,500 but really needed for work - self employed travelling)
Monthly Income Details
Monthly income after tax................ 472 ( earn about 140 a week, i also pay 2.20 class 2 contributions and dont do a tax return until the new year so worked out a 20% deduction of this over 52 weeks of the year divded by 12 and thats what comes up.
Partners monthly income after tax....... 0 - his would be roughly the same as mine if we need to include it..
Benefits................................ 429 ( to be confirmed next week)

Other income............................ 0[b]( awaiting on child maintance to be granted from ex partner but hes playing the system a little and its going round abouts so goodness knows if this will even happen)
Total monthly income.................... 901[/b]
Monthly Expense Details
Mortgage................................ 630 ( hasnt been paid since jan)
Secured/HP loan repayments.............. 0
Rent.................................... 0 - moving into caravan on land owned by his parents so no rent.
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 30 ( could be more)
Gas..................................... 20 ( not sure yet whats normal for cooking of a gas cooker never used one)
Oil..................................... 80 - heating will be on constantly with having a lil one in the caravan does this sound about right that works out 2 1000l fills twice a year £500 odds each?
Water rates............................. 0 hasnt came into effect in ni yet
Telephone (land line)................... 0 wont be any
Mobile phone............................ 40 lowest tarrif i can reduce too and also need it for business purposes
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 360 (averages £90 a week for 2 adults and one child would this be an ok amount i could maybe stick to this when the babe comes too but there is forumla and nappies to buy)
Clothing................................ 20 ( for my wee boy luxury for me left the building years ago)
Petrol/diesel........................... 120 £30 a week for school runs and working away from home
Road tax................................ 20
Car Insurance........................... 75
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 10 (2 a week break money and theres always something or other to send money in for)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10 a month
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20 (to be honest its way more than this but this is what im budgting myself too)
Haircuts................................ 6 for my wee man.
Entertainment........................... 0 - Dont go out
Holiday................................. 10 - like to get wee man away least to somewhere for a few days in summer.
Emergency fund.......................... 0
Total monthly expenses.................. 1483

Assets
Cash.................................... 900 ( sitting in bank saved from benefits)
House value (Gross)..................... 35000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 37400

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 142000...(630)......0
Total secured & HP debts...... 142000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 901
Expenses (including HP & secured debts). 1,483
Available for debt repayments........... -582
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -582
Personal Balance Sheet Summary
Total assets (things you own)........... 37,400
Total HP & Secured debt................. -142,000
Total Unsecured debt.................... -0
Net Assets.............................. -104,600

sorry its quite wishy washy... x

PippaGirl_2

Obviously your partner's contribution will be down on there too by the time you submit your forms. Is the property valued at just £35,000? If so how come your mortgage is £142,000? Properties can go into negative equity but that is a big leap. I only ask in case that was a mistake.

As for your sister, can you reassure her that you will repay her when you can once you are discharged from BR? I would do that if it were me, just pay what I can when the time comes.

xxemmaxx_2

thanks for your reply.:)

I dont understand,Pay back my sister what exactly though?, she isnt in any position to pay anything herself she has no surplus income herself and im in no position to be paying her anything otherwise i wouldnt be considering bank ruptcy in the first place i would just continue paying min payments until i have no other choice direct to the bank. at the end of the day the three of us are in no position to pay anything.

no the figures are right, we purchased the property in 2006 right smack bam in the middle of the huge property boom that was happening over here, it crashed 3 months later and over the last 6 years this is how much it has depreciated too. property in the area are averaging at 40k but theyre obv pricing mine to sell, so huge negative equity, again the only reason why im filing bankruptcy as i have never had any loan,credit card or overdraft debt ever, just this huge niavity mistake hanging over myhead.

As you can see im in the minus figure of 500 if u want to add my whole partners income onto that were still -100 but his income shouldnt be part of it just half of the household bills which is still leaving a deficit, so i would have a case for bankruptcy? x

PippaGirl_2

Yes sorry should have explained, what I meant by pay back was if they do claim any of her assets or capital or income or whatever as she is guarantor, then although you wouldn't legally have to pay her back, that you could promise that you would repay her whatever they claimed off her. You could then repay her when you are able at any stage in the future as long as it was after you are discharged. Obviously up to you but if my sister ended up having to pay anything to pay off my debts because she was guarantor, I would want to pay her back when I could one day.

xxemmaxx_2

oh yes i understand what you mean, it will obv come down to what happens with my sister, i dont know how she will be in a position to pay anything to be honest so her only option could be the bankrupsy route too, to which is the reason why she has fallen out with me.// its sucha hard case with not much options, they want the full amount back and she hasnt even a single amount spare ro pay most of her own debts never mind mine.. and if she has to go bankrupt ill never be in a position to pay her a monthly amount back otherwise i would just do that myself with the creditors myself, i dont want to be owing ppl for the rest of my life, its just unfortunate that there is a gaurantor attached to mine too... and isnt it great how the ex and his family are ignoring the situation and dont care!!! he can just file br and that be it :(xx