Soa for bankruptcy.

stundent

Hi all please see below for my Soa.

A couple of pieces of information to go along with it.

My income is solely derived from student loans comany (grants and loans).
the clothing is high, but my wife is required by her job to purchase new uniform (aat a 75% discount) to wear on the shop floor this amount for 50 every 6 weeks.

As I am student I will need money for books, paper, pens, printing, clothing for placement, etc. Where can I put this for the official receiver and is he likely to allow?
Finally on a previous thread I have been told that I would not be asked for a ipa because my income is solely student and state benefits. Does anyone have any further information as national debt line appeared to contradict this information.

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................................ 932
Other income............................ 0
Total monthly income.................... 2662

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 282
Rent.................................... 451
Management charge (leasehold property).. 0
Council tax............................. 75
Electricity............................. 60
Gas..................................... 60
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 15
Mobile phone............................ 30
TV Licence.............................. 13
Satellite/Cable TV...................... 10
Internet Services....................... 15
Groceries etc. ......................... 520
Clothing................................ 105
Petrol/diesel........................... 220
Road tax................................ 13
Car Insurance........................... 50
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 30
Childcare/nursery....................... 30
Other child related expenses............ 20
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)...... 40
Haircuts................................ 30
Entertainment........................... 0
Holiday................................. 40
Emergency fund.......................... 40
Total monthly expenses.................. 2209


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
wife's debt....................12000.....250.......0
Total unsecured debts..........12000.....250.......-


Monthly Budget Summary
Total monthly income.................... 2,662
Expenses (including HP & secured debts). 2,209
Available for debt repayments........... 453
Monthly UNsecured debt repayments....... 250
Amount left after debt repayments....... 203

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.

Thank you

stundent

This is for my bankruptcy, my debts are approx 30k and solely in my name . The hp is solely in my wife names.

rockm87

Hi, sorry I dont understand are you filing for bankruptcy?

Or are you asking for advice on cutting down you costs? You seem to live very expensively, and your wife's clothing budget is hardly to blame!

stundent

Filing for bankruptcy. The numbers there are to ensure we can live reasonably during ipa.

These figures are guesstimates as I am a recovering gambling addict, so the finances have beenot chaotic for some time

Tixy

Usually the bankruptcy board is the best place to get advice as to what the OR will accept in terms of expenditure, but i see you have posted there with no responses.

The boards have been a bit quiet lately, but hopefully someone with experience will see your post there and reply.

KLou

I would not file for bankruptcy without first seeking impartial debt advice. In SOA for bankruptcy you would not be allowed any budget for holidays / Christmas / Birthdays. As to incomes being excluded from an IPA (Income Payment Arrangement - for usually 3 years, any additional income over £20) there are no hard and fast rules and this is also at the discretion of the Official Receiver. If your car is not deemed necessary you may be required to sell or downgrade. As your SOA looks like you have £600 per month available for debt repayment - you could be debt free in less than 6 years, it's possible a judge wouldn't allow you to go bankrupt and suggest you look at alternatives such as debt management or an IVA. Hope this helps!!

stundent

Hi klou,

I have sort advice and been advised of bankruptcy.
The car is my wife's and she does not wish to downgrade.

I was under the impression that the or allows holiday, clothing and emergency in there calculations. They also allow a small amount for children birthdays.

I believe the reason for this is that bankruptcy is not to punish, but to provide a clean slate.

Thank you for your ad ice though much appreciated

tigerfeet2006

KLou wrote: »

I would not file for bankruptcy without first seeking impartial debt advice. In SOA for bankruptcy you would not be allowed any budget for holidays / Christmas / Birthdays. As to incomes being excluded from an IPA (Income Payment Arrangement - for usually 3 years, any additional income over £20) there are no hard and fast rules and this is also at the discretion of the Official Receiver. If your car is not deemed necessary you may be required to sell or downgrade. As your SOA looks like you have £600 per month available for debt repayment - you could be debt free in less than 6 years, it's possible a judge wouldn't allow you to go bankrupt and suggest you look at alternatives such as debt management or an IVA. Hope this helps!!

So, so so wrong.

tigerfeet2006

Quick question about the car. Who uses it? we know it is under your wifes name.

stundent

The car will ishared.is shared she used it to get the kids around I use it to get to uni. Though when she returns to work in July it's likely I'll have less use, maybe 3 days a week.



Jon b, the life I live after bankruptcy will be infinitly better than my current one. I hope this doesn't offend your sensibilities too much. If it does, please kindly take a run a jump away from my thread.

stundent

Tiger feet, would it be possible to put a soa in that leaves if off benefits all together as they are paid too my wife?
I only ask as I would be able to put my income at 1062 per month, and pay half towards bills excluding he and wife's debt. This is the bed get step change put together for me I will post below