Going bankrupt

Banquo21

Some of the things on there seem very high. Not sure the OR would be happy with £40 a month for haircuts. You would need to justify the £250 travel expenses. £120 for clothing seems very high too. Groceries the OR may ask you bring down the £550. Holidays is expensive too. Isn't it £10 per person?

Other folks on here may disagree.

stundent

I'm happy to reduce in areas, as I sat these are guesstimate due to y gambling addiction I have no real sense of our bills.

will the or be ,likely to allow my wife to pay her debts?

Will the or allow me money for education expenses, such as dbs certificates, travel to placements, and books paper pencils etc?

Thanks

tigerfeet2006

I have to disagree with some of what previous posters have put. I'm out atm but as soon as I'm home I'll go through it. There are a couple of things you've missed.

How old are your two children?

What is HP for?

stundent

Hi tiger feet.

The kids are 3 years and 5 months.
The hp is car, my wife's finance totally in her name, our debts are 100% separate

tigerfeet2006

stundent wrote: »

Statement of Affairs and Personal Balance Sheet

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

Monthly Income Details
Monthly income after tax................ 1062
Partners monthly income after tax....... 668
Benefits................................ 921
Other income............................ 0
Total monthly income.................... 2651

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 282
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 18
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 10
Internet Services....................... 12
Groceries etc. ......................... 550
Clothing................................ 120
Petrol/diesel........................... 250
Road tax................................ 13
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15 what is this?
Childcare/nursery....................... 28.8
Other child related expenses............ 0 £5 per child per week for activities.
Medical (prescriptions, dentist etc).... 0 £25
Pet insurance/vet bills................. 0 any pets?
Buildings insurance..................... 0
Contents insurance...................... 0 you need to get yourself some, with accidental damage included.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 Leave in as some OR's will allow and some won't.
Haircuts................................ 40
Entertainment........................... 0
Holiday................................. 80 leave as it is. The OR may reduce it but if you don't ask you don't get.
Emergency fund.......................... 10 £40
Total monthly expenses.................. 2240.8


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 8000.....(282)......0
Total secured & HP debts...... 8000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
12000wife......................12000.....200.......0
Total unsecured debts..........12000.....200.......-


Monthly Budget Summary
Total monthly income.................... 2,651
Expenses (including HP & secured debts). 2,240.8
Available for debt repayments........... 410.2
Monthly UNsecured debt repayments....... 200
Amount left after debt repayments....... 210.2

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -8,000
Total Unsecured debt.................... -12,000
Net Assets.............................. -20,000

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

Have a play with that and put it back up. Try and work out what is reasonable for you study expenses too and then we will have another look.

stundent

Hi,

I can't add in medical etc because I'm Except from charges.
do you think it would be better to approach differently, ie from a view that I put in 1062 and my wifesaid contribution and benefit add to 1062?

I'm thinking that at 2124 I could get surplus to 0