Bankruptcy SoA 24 November 2015 at 8:53PM edited 8 December 2015 at 3:40PM in Bankruptcy & Living With It 2 replies 965 views

CricketTragic

Hi,

This is my first post, thank you for having me :beer:

I am looking to go bankrupt in the new year. I had a franchise business that didn't work out. I received no income for 6 months off it, ran out out of money (and then credit) in trying to get it off the ground (I had no debt and paid credit off in full each month before this). The franchisor didn't help and the first phone call I got when asking for help was from a debt collector asking for £15,000 for loss of future earnings. I went back to my old work place and am currently working as a relief care worker to earn some money.

I have read through a lot of threads, the Technical Manual and spoken with debt line but wanted to get the right level of income/expenses to achieve a fair level with a potential IPA. I understand that some things are high but I'm stating everything on here, for example we took out 2 year contracts on mobiles but the money issues have only been last 6 months. We have 2 kids with 1 (maybe more...) on the way and my income states £800 a month but I have no guaranteed hours (effectively a zero hour contract). I have also pro rata'd some expenses, e.g. council tax, term-time childcare. Is that the right way or do I put monthly cost? Here is the SoA:

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2 (+ more on way)
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 800ish
Partners monthly income after tax....... 762
Benefits................................ 699
Other income............................ 0
Total monthly income.................... 2261

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 33
Gas..................................... 33
Oil..................................... 0
Water rates............................. 27
Telephone (land line)................... 22
Mobile phone............................ 69
TV Licence.............................. 13
Satellite/Cable TV...................... 31
Internet Services....................... 25
Groceries etc. ......................... 500
Clothing................................ 150
Petrol/diesel........................... 180
Road tax................................ 18
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 5
Other travel............................ 20
Childcare/nursery....................... 218
Other child related expenses............ 10
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 30
Buildings insurance..................... 0
Contents insurance...................... 9
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 40
Entertainment........................... 10
Holiday................................. 40
Emergency fund.......................... 40
Total monthly expenses.................. 2415


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 1000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Business Debt..................18000.....0.........8
Credit Cards...................3500......100.......0
Loan...........................4200......80........0
Total unsecured debts..........25700.....180.......-


Monthly Budget Summary
Total monthly income.................... 2,261
Expenses (including HP & secured debts). 2,415
Available for debt repayments........... -154
Monthly UNsecured debt repayments....... 180
Amount short for making debt repayments. -334

Personal Balance Sheet Summary
Total assets (things you own)........... 1,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -25,700
Net Assets.............................. -24,700

Created using the SOA calculator at stoozing
Reproduced on Moneysavingexpert with permission, using other browser.

Any help/support with over/under estimates would be greatly appreciated, its been a real struggle emotionally and just writing this has really helped me.

Thanks for reading and any help :A

Cobalt77

Overall, seems very reasonable to me - and I doubt you will end up with an IPA anyway looking at those figures

tigerfeet2006

You won't get an IPA as you have more going out than coming in.