SOA pending bankruptcy

bigegg7583

Planning on going bankrupt next month, after the collapse of my business, and marriage.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 1220
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 180
Total monthly income.................... 1400

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 120
Rent.................................... 325
Management charge (leasehold property).. 0
Council tax............................. 126
Electricity............................. 80
Gas..................................... 20
Oil..................................... 0
Water rates............................. 45
Telephone (land line)................... 20
Mobile phone............................ 7.5
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 35
Groceries etc. ......................... 240
Clothing................................ 60
Petrol/diesel........................... 120
Road tax................................ 40
Car Insurance........................... 90
Car maintenance (including MOT)......... 40
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40
Haircuts................................ 5
Entertainment........................... 20
Holiday................................. 50
Emergency fund.......................... 20
Total monthly expenses.................. 1545.62


Assets
Cash.................................... 300
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 800
Other assets............................ 0
Total Assets............................ 1100


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0<
CCJ............................17000....(120)......0
Total secured & HP debts...... 17000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdrafts.....................3200......0.........0
Provident......................2920......0.........0
Electric.......................623.......0.........0
Shop Rent......................1700......0.........0
Asset Link.....................5000......0.........0
Electric.......................1000......0.........0
Total unsecured debts..........14443.....0.........-


Monthly Budget Summary
Total monthly income.................... 1,400
Expenses (including HP & secured debts). 1,545.62
Available for debt repayments........... -145.62
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -145.62

Personal Balance Sheet Summary
Total assets (things you own)........... 1,100
Total HP & Secured debt................. -17,000
Total Unsecured debt.................... -14,443
Net Assets.............................. -30,343

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Not sure if I've done that right? CCJs are secured debts?

Anyway - at the moment I live in a 3 bed house with my adult son. It is a joint tenancy with each of us liable for 1/2 the rent.

We are both working.

He pays me £180 per month which covers bills+cleaning products (but not food).

I own a car, and a van - each worth about £400 - and the vehicle figures are the total I spend on both.

Do these figures look reasonable? Is there anything I can increase?
Since I'm working, I'm expecting to have an amount to pay for the next three years, which I'd like to avoid.

egrescrimp

Presents won't be allowed, you'll need to fund those from other areas.

£5 for your haircut, are you sure that's right?

The groceries is this just for you or both? That's very low for 2 people.

Your expenses also seem to be higher than your income, is that correct?

bigegg7583

haircut: £5 a month (no.3 all over) Yes
Too much?
I'll remove the presents.
Groceries is just me - but includes cleaning products (bleach, washing up liquid, laundry powder, toilet roll etc)
for the household.

Yes, expenses higher than income, unless CCJ repayments aren't included

bloolagoon

bigegg7583 wrote: »

Planning on going bankrupt next month, after the collapse of my business, and marriage.


Not sure if I've done that right? CCJs are secured debts?

Anyway - at the moment I live in a 3 bed house with my adult son. It is a joint tenancy with each of us liable for 1/2 the rent.

We are both working.

He pays me £180 per month which covers bills+cleaning products (but not food).

I own a car, and a van - each worth about £400 - and the vehicle figures are the total I spend on both.

Do these figures look reasonable? Is there anything I can increase?
Since I'm working, I'm expecting to have an amount to pay for the next three years, which I'd like to avoid.

£180 doesn't cover half the bills and rent and council tax

bigegg7583

He pays another 325 to rent on top of what is in the SOA

bloolagoon

bigegg7583 wrote: »

He pays another 325 to rent on top of what is in the SOA

But if you add council tax, phone, water and bills incl CT it comes to more than £180. Is your CT x 2 what you say?

bigegg7583

CT, water, gas, electric, telephone, internet, TV comes to 338 per month, which comes which is 169 each. the other 11 is contribution to toilet roll, cleaning products etc

Have i missed something?

bloolagoon

bigegg7583 wrote: »

CT, water, gas, electric, telephone, internet, TV comes to 338 per month, which comes which is 169 each. the other 11 is contribution to toilet roll, cleaning products etc

Have i missed something?

No it's me reading it wrong.

HappyMJ

bigegg7583 wrote: »

Planning on going bankrupt next month, after the collapse of my business, and marriage.


Not sure if I've done that right? CCJs are secured debts?

Anyway - at the moment I live in a 3 bed house with my adult son. It is a joint tenancy with each of us liable for 1/2 the rent.

We are both working.

He pays me £180 per month which covers bills+cleaning products (but not food).

I own a car, and a van - each worth about £400 - and the vehicle figures are the total I spend on both.

Do these figures look reasonable? Is there anything I can increase?
Since I'm working, I'm expecting to have an amount to pay for the next three years, which I'd like to avoid.

Would the OR allow you to keep both the car and the van? Could you sell the car to your son, keep the van but use the car whenever you want? I think that's what I would do.

Regarding the CCJ payments of £120 per month. That will also be included in your BR so don't make any more payments towards that debt.

fermi

bigegg7583 wrote: »

Not sure if I've done that right? CCJs are secured debts?

Secured on what? Can you please explain the situation on that and what is the outcome you are after?

bigegg7583

fermi wrote: »

Secured on what? Can you please explain the situation on that and what is the outcome you are after?

Sorry. I just meant as far as the SOA is concerned - CCjs would be lumped in with other secured debts? i'm probably confusing "secured", and "priority"?
In my defence, I have man flu .

They are just bog standard "Court orders you owe 17k, to be repaid at 120 pcm" - no charging orders etc.

The outcome I'm after is that my outgoings are high enough that I don't have to pay out any of my wage for the next three years - just be discharged in 12 months, and get on with rebuilding my life.