Soa for bankruptcy.

stundent

Statement of Affairs and Personal Balance Sheet

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

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 225
Management charge (leasehold property).. 0
Council tax............................. 37.5
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 9
Mobile phone............................ 15
TV Licence.............................. 6
Satellite/Cable TV...................... 0
Internet Services....................... 10
Groceries etc. ......................... 240
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 6
Car Insurance........................... 25
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 15
Childcare/nursery....................... 28.8
Other child related expenses............ 10
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)...... 10
Haircuts................................ 14
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 20
(Unnamed monthly expense)............... 0
education cost.......................... 40
Total monthly expenses.................. 986.3


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

No Secured nor Hire Purchase Debts

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


Monthly Budget Summary
Total monthly income.................... 1,062
Expenses (including HP & secured debts). 986.3
Available for debt repayments........... 75.7
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 75.7

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

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

fermi

NECAB IPA calculator

OR Guideline figures: https://www.gov.uk/government/publications/insolvency-service-household-expenditure-survey-in-connection-to-income-payment-agreements-ipa

TheGardener

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!!

I second Fermi on this one - I understand you are trying to help but your post shows very little understanding of the BR process.
1. Yes - get free independent financial advice
2. small holiday amount IS permissible
3. There are very hard rules which can be read in the OR's guidance handbook but the OR does have some discretion.
4 If the car does not belong to the OP (but to his wife) then the OR has no interest in it at all.
5.A judge would only decline (except in very exceptional circumstances) the presentation of a BR petition if s/he believes the OP has not sought advice or appears unclear on the consequences of BR - not because they think the petitioner can do it another way.
6. Benefits are not included in the OR's calculations of IPA's

stundent

Hi the gardener, thanks for your advice. A couple questions that I'm really struggling With.

1. Will my students grants be included in ipa (iI've received advice both sides on this)

2. Are benefits my wife's incomr as that makes a difference.

Eg.

Wife's income 668
Benefits 932
my student money 1062

Total 2662

Or

wife's contribution 1062
my students money 1062

Total 2124

The second allows my wife to meet the hp cost and her debt repayments but would only be allowed if the or views benefit income as my wifes

mwarby

Could you not claim less student loans, that way no excess income no IPA. I recall as a student only applying for non means tested portion some years

bloolagoon

Is it a joint tax credits claim? If so then it's not just your wife's income if a joint claim.

TheGardener

The benefits will I presume have been claimed with both you and your wife's names on the application - however, although benefits are not included in the IPA calculations, they are included on your SOA.
I'm sorry but I don't have an answer about the student loans I can give you. An IPA is not something that can be avoided by how you complete your income details on BR forms - the OR will make those decisions when they do the calculations.

At the end of the day - once you have actually presented your petition at court, the OR will call you and go though your SOA with you anyway so don't stress too much about it - decisions about what income to include are down to the OR. The important thing - and the purpose of seeking the forums help - is that you have included all your expenses on the form and not missed anything out that you will then later have to pay from other spend categories. For example - a lot of people forget that even occasional parking fees (one trip a week to town to do the food shop) can add up to an extra £10 a month as a legitimate expense which if you don't include it on your SOA, will end up coming out of your grocery budget.
Stressing about what income to include is pointless, the law requires you to tell the OR about all your income regardless of whether it is then used in IPA calculations. If you choose not to disclose your wife's income, the OR will assume a 50/50 split on domestic expenditure anyway.