Bankruptcy HELP PLEASE

OliviaNJ

My wife and I are about £130k in debt and neither of us currently work (long and depressing story). We have now managed to save enough money to go Bankrupt

Any advice on who we should go to, how it works and pitfalls would be very appreciated.

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *
Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
TF...x

OliviaNJ

Thank you for your reply. SOA below

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1336
Other income............................ 0
Total monthly income.................... 1336

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 440
Management charge (leasehold property).. 0
Council tax............................. 13
Electricity............................. 32
Gas..................................... 90
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 10
Groceries etc. ......................... 280
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 5
Total monthly expenses.................. 1187


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................45000.....750.......29
Rest...........................90000.....600.......15
Total unsecured debts..........135000....1350......-


Monthly Budget Summary
Total monthly income.................... 1,336
Expenses (including HP & secured debts). 1,187
Available for debt repayments........... 149
Monthly UNsecured debt repayments....... 1,350
Amount short for making debt repayments. -1,201

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -135,000
Net Assets.............................. -134,500

rberryberet

Go to citizens advice, they help you fill in the form, what to write etc, then you just have to find out what court you need to go to , what days they accept bankruptcy and turn up with the amount needed to go bankrupt. Don't go to a company to help you do it, they will rip you off more money to aid in you in doing so, money it looks like you can ill afford.
Good luck, hope it all goes ok for you both

tigerfeet2006

OliviaNJ wrote: »

Thank you for your reply. SOA below

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 1336
Other income............................ 0
Total monthly income.................... 1336

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 440
Management charge (leasehold property).. 0
Council tax............................. 13
Electricity............................. 32
Gas..................................... 90 any particular reason it is quite high?
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 20
Mobile phone............................ 25
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 10 is this/satellite/phone part of a package?
Groceries etc. ......................... 280 £430/450
Clothing................................ 20 £90
Petrol/diesel........................... 40 as you are not working is the car a necessity? You will need to prove that there is a reason why public transport cannt be used.Especially as your petrol is so low.
Road tax................................ 10
Car Insurance........................... 45
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0How old is your child? Are they in school? £5 per week for activities.
Medical (prescriptions, dentist etc).... 0£30
Pet insurance/vet bills................. 0 do you have a pet?
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get contents insurance with at least accidental damage.£20ish
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 15 leave in but some OR will not let you have this but don't ask, you don't get.
Haircuts................................ 20
Entertainment........................... 20
leave in but some OR will not let you have this but don't ask, you don't get. Holiday................................. 0 £60
Emergency fund.......................... 5£30
Total monthly expenses.................. 1187


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Cards...................45000.....750.......29
Rest...........................90000.....600.......15
Total unsecured debts..........135000....1350......-


Monthly Budget Summary
Total monthly income.................... 1,336
Expenses (including HP & secured debts). 1,187
Available for debt repayments........... 149
Monthly UNsecured debt repayments....... 1,350
Amount short for making debt repayments. -1,201

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -135,000
Net Assets.............................. -134,500

Some things for you to think about if you are doing a SoA for the OR.

Please make sure you get in touch with one of the people I have linked to. Are the debts business debts?

fermi

kimberley4547 wrote: »

Can anyone help? You have been really helpful to other people so hope you can help me.

Moved to a separate thread.

----> https://forums.moneysavingexpert.com/discussion/4415965