Whose Outgoings? Statement of Affairs

tickles2

Hello again. Thank you all for your advice thus far. Really helpful.
Today is form-filling day. 6.27 done. Completed it by hand rather than typed it and used a ruler to delete those sections not applicable. Don't know why - Just seems somehow more respectful of the Court to present them with something that's as neat as possible.

I have though type-completed the 6.28 Statement of Affairs, but I'm a bit stuck on the "Outgoings" section and wanted to ask for a bit of help from those in the know please!

In question 6.7 I'm asked "How much do other members of your household contribute to the household expenses?".

Then in question 6.8 "Total Household Income"

I am in the process of winding up my Limited Company by which I am full-time employed. As soon as I file for personal bankruptcy, I will not be allowed to be involved in any way with the company and I will be unemployed.

Therefore I shall have no income and will not have anything to contribute until I have a job, which I fully intend to do by the way.

My wife and I have worked out the household outgoings for the pair of us to be just under £2k per month.

As by the time I file for personal bankruptcy I will be unemployed, how do you think I should best complete the "Outgoings" section?

Once I'm employed again (which will be the beginning of next month) I will be contributing half of the outgoings, but for the meantime my wife will be covering everything.

When I am employed, we will return to the status quo, where she pays all of the mortgage (the mortgage and house are entirely hers and in her name and always have been) and I will pay the lion's share of the household expenses. This is more or less works out to 50% each of the total expenditure including the mortgage.

In my mind there is a choice:
1. Complete 6.7 with her contribution as 100%, "Outgoings" blank as I will be unemployed by the time I file.
Or
2. Complete 6.7 with her contribution as 50% and complete "Outgoings" with all of the normal household expenses I will pick up once I am re-employed.

What do you think?

On the one hand, if I go for option 2, the Judge and then the OR might look at it and say "how can he be paying when he's unemployed and says he has no money".

On the other if I go for option 1, the Judge and then the OR might say well, if another household member is down here as paying for 100% of the household outgoings, and he's listing that he pays nothing in "Outgoings", we'll move to IPO territory".

On the other hand, I suppose if I'm unemployed, therefore not at the point of signing earning, the only way to go is Option 1?

.....I realise I may have just answered my own lengthy question myself, but it's been a long morning so forgive me!

Any help from those who know how to complete these forms, as always, very gratefully received.
Thank you.

tigerfeet2006

Why not take the path of least resistance and wait until you are earning before petitioning.

Or put your income as zero ( will you qualify for benefits). Put your OHs contribution to the bills ( not her full income). In section 13 you put you are out of work and when you are employed then you are expected to pay your way and contribute to the outgoings. Then when you are employed you submit a revised SoA. Explain again at interview. When the time comes and you are working you can put your SoA up here and folks will help you.

tickles2

I would wait, but I fear my business's creditors to whom I provided a personal guarantee may not wait - My wife and I have an arrangement - She provides me with 100% understanding and support with my situation until the point anyone comes knocking on our front door in pursuit of debt accrued in my name - At that point all bets are off and my gentleman's-sausage is in danger of detachment from my person...if I'm lucky.

Otherwise, thank you for the solution. Good idea.

I'll complete the docs as you suggest.

Another potential issue has arisen. I'll post separately about that now.

tigerfeet2006

Understood.

Just as an aside the OR will expect you to contribute to the household bills when you start working so you will have no worries there, it doesn't hurt to be thorough though.

Talking of which, have you spoken to some one like Business Debtline about your circumstances?

tickles2

Absolutely and thanks again.

To be honest, I had a long meeting with the Accountant who handles mine and my business affairs at home the other evening at which Mrs Tickles was also present - When I told him my thoughts, he almost breathed a sigh of relief.

Given the combined sum of business and personal debit involved (£85k...and no, I haven't quite stopped wincing whenever I look at that figure either) he said bankruptcy was really the only sensible route. Business is absolutely dead at the moment and an IVA in this situation he reckoned would probably lead to my eventual bankruptcy anyway as I struggled to keep up with it.

I'll have a look at their website though and perhaps give them a call. I'm open to anything that relieves the stress I've been under with this - I make no bones, these are my decisions, my mistakes. But my only priority now is to resolve this in a way that absolutely protects my family.

tigerfeet2006

Sounds like a sensible accountant. BDL will help with filling out forms and with niggly little things along side these boards and best of all it's all free.

https://www.businessdebtline.org/

tickles2

Perfect! Thank you.