Should he go bankrupt ?

tigerfeet2006

young321 wrote: »

I've posted below my now husbands SOA please can you advise on the amounts on this? I've also put where I pay for things

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 767
Partners monthly income after tax....... 972 do I need to put my income?
Benefits................................ 0 I get benefits
Other income............................ 0
Total monthly income.................... 1739

Monthly Expense Details
Mortgage................................ 537
Secured/HP loan repayments 0
Rent.................................... 0 I pay the rent at £505 (Is this a shared ownership house?)
Management charge (leasehold property).. 0
Council tax............................. 0 I pay CT at £83
Electricity............................. 0 I pay electricity at £40
Gas..................................... 0 I pay gas at £40
Oil..................................... 0
Water rates............................. 0 I pay water at £46
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 0 I pay tv licence at £12.12
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 260 I also pay £80 a month (£550 ish)
Clothing................................ 20 (£90 for 4 of you)
Petrol/diesel........................... 20 (why is this so low? what does he use the car for?)
Road tax................................ 2
Car Insurance........................... 45
Car maintenance (including MOT)......... 5 (£30)
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0 I pay childcare costs (these need to be put in)
Other child related expenses............ 50 (how are these broken down?)
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0 (any pets)
Buildings insurance..................... 13
Contents insurance...................... 0 I pay this at £21
Life assurance ......................... 0
Other insurance......................... 10 (what's this?)
Presents (birthday, christmas etc)...... 20 (some OR's will allow this expense, some won't so leave and see)
Haircuts................................ 0 (£10/15 per adult £5 per child)
Entertainment........................... 0
Holiday................................. 30 (£60)
Emergency fund.......................... 0 (£40)
Total monthly expenses.................. 1112


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 5000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 137100...(537)......0 house currently rented out though
Total secured & HP debts...... 137100....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................10000.....10........0
Credit card....................6000......5.........0
Credit card....................12000.....10........0
Overdraft......................1200......15........0
Store card.....................395.......0.........0
Personal loan..................11100.....225.......0
Car loan.......................12067.....10........0
Total unsecured debts..........52762.....275.......-


Monthly Budget Summary
Total monthly income.................... 1,739
Expenses (including HP & secured debts). 1,112
Available for debt repayments........... 627
Monthly UNsecured debt repayments....... 275
Amount left after debt repayments....... 352

Personal Balance Sheet Summary
Total assets (things you own)........... 5,000
Total HP & Secured debt................. -137,100
Total Unsecured debt.................... -52,762
Net Assets.............................. -184,862

This will give you some ideas. Fill it in as I explained in my last post.Answer any questions. Then post it up again for further perusal.

Brock_and_Roll

OP - you own a house which is rented out. You need to put the estimated current value of the house under assets.

young321

Hi


Thanks for advice to date. So I've updated the SOA below, I've updated what I contribute to each months total household bills which is why I've then gone on to list all bills - is that the correct thing to do as, as per my original SOA all of the household bills e.g. Council tax, TV licence etc are in my name?

Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 767
Partners monthly income after tax....... 784 (this is what I contribute to each months bills as a total household
Benefits................................ 0 Should I list these as they are paid to me?
Other income............................ 0
Total monthly income.................... 1551


Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 505 So yes, someone ask both OH and I live in same property together and pay the rent
Management charge (leasehold property).. 0
Council tax............................. 83
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 46
Telephone (land line)................... 0
Mobile phone............................ 40
TV Licence.............................. 12.12
Satellite/Cable TV...................... 40
Internet Services....................... 0
Groceries etc. ......................... 550
Clothing................................ 90
Petrol/diesel........................... 80
Road tax................................ 30 Is it right to put this as £30 as this is after all an annual cost?
Car Insurance........................... 45
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 652
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 13 This is the buildings insurance he pays on his house he owns (which is rented out)
Contents insurance...................... 21 This is the contents insurance for our home together
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15 He doesn't have any hair :-)
Entertainment........................... 0
Holiday................................. 60
Emergency fund.......................... 40
Total monthly expenses.................. 2472.12

Assets
Cash.................................... 0
House value (Gross)..................... 137100
Shares and bonds........................ 0
Car(s).................................. 5000
Other assets............................ 0
Total Assets............................ 142100

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Credit card....................10000.....10........0
Credit card....................6000......5.........0
Credit card....................12000.....10........0
Car loan.......................12067.....10........0
Personal loan..................11100.....225.......0
Store card.....................395.......0.........0
Overdraft......................1200......15........0
Total unsecured debts..........52762.....275.......-


Monthly Budget Summary
Total monthly income.................... 1,551
Expenses (including HP & secured debts). 2,472.12
Available for debt repayments........... -921.12
Monthly UNsecured debt repayments....... 275
Amount short for making debt repayments. -1,196.12
Personal Balance Sheet Summary
Total assets (things you own)........... 142,100
Total HP & Secured debt................. -0
Total Unsecured debt.................... -52,762
Net Assets.............................. 89,338

notsurewherenext

Hi I'm also going to go for bankruptcy and did my SOA. I see you have £90 a month for clothing is this not a bit excessive for clothes for 2 kids and 2 adults.

owlet

notsurewherenext wrote: »

Hi I'm also going to go for bankruptcy and did my SOA. I see you have £90 a month for clothing is this not a bit excessive for clothes for 2 kids and 2 adults.

If you pop your SOA up on your thread we can take a look & help make sure you are on the right track.

glentoran99

I don't understand the Rent/Mortgage asset stuff?


He owns a property? is that where you are living? Were does the rent come into it?


If he owns a property and its rented out you haven't shown that income

Flyright

The OR will claim the rental income as an asset if the property is rented out.

tigerfeet2006

notsurewherenext wrote: »

Hi I'm also going to go for bankruptcy and did my SOA. I see you have £90 a month for clothing is this not a bit excessive for clothes for 2 kids and 2 adults.

Nope! This is normal.

tigerfeet2006

Yes you put the benefits in.

Why are you running at around a £1k deficit now? The books should balance.

young321

So he still owns a property which is owned with his ex wife. As they are now divorced neither of them live in it and so its rented out which is managed through a local estate agent. So the rent that is paid on that property is basically paying off the mortgage on that house. There's £137,100 of the mortgage left outstanding on the house. He says the houses current value would be top end £138,000. So are the figures in the right place on his SOA for this part?

So we live in our current house which isn't owned and our rent a month on this property is £505 a month x