Bankruptcy SOA

The_Walking_Debt

Can someone please look at this and advise please? I'm self employed, single, no children. I have about £25000 in debts related to divorce.



Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 555
Partners monthly income after tax....... 0
Benefits................................ 494
Other income............................ 0
Total monthly income.................... 1049

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 45
Gas..................................... 0
Oil..................................... 10
Water rates............................. 25
Telephone (land line)................... 23
Mobile phone............................ 3
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 130
Clothing................................ 10
Petrol/diesel........................... 44
Road tax................................ 13
Car Insurance........................... 29
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 25
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 15
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 947


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.................... 1,049
Expenses (including HP & secured debts). 947
Available for debt repayments........... 102
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 102

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

The_Walking_Debt

Could this be moved to the bankruptcy board please?

tigerfeet2006

Take out entertainment and presents and put them under groceries.

Put in £20 for medical.

Then up Groceries to £240 and clothes to £25.

Redo you SoA with that and pop it up again.

What's other insurance?

ETA what about TV license?

National_Debtline

Hi The Walking Debt (love the username, you are a fellow devotee no doubt!)


The budget looks trim, bordering on meagre. I would suggest you could probably allow yourself a bit more wiggle room on groceries and not necessarily be challenged on it.


To put it another way, if debts are taken out of the equation would you normally expect to have £100 spare at the end of each month?


You haven't put a value on the car that you are running - is this an oversight or do you simply have the use of someone else's vehicle? At any rate unless it's worth north of £1000-£1500 it's unlikely to be an issue in bankruptcy.


Dennis
@natdebtline

The_Walking_Debt

tigerfeet2006 wrote: »

Take out entertainment and presents and put them under groceries.

Put in £20 for medical.

Then up Groceries to £240 and clothes to £25.

Redo you SoA with that and pop it up again.

What's other insurance?

ETA what about TV license?

Thank you. Other insurance is for funeral. I don't watch live tv so don't have a license.

The_Walking_Debt

National_Debtline wrote: »

Hi The Walking Debt (love the username, you are a fellow devotee no doubt!)


The budget looks trim, bordering on meagre. I would suggest you could probably allow yourself a bit more wiggle room on groceries and not necessarily be challenged on it.


To put it another way, if debts are taken out of the equation would you normally expect to have £100 spare at the end of each month?


You haven't put a value on the car that you are running - is this an oversight or do you simply have the use of someone else's vehicle? At any rate unless it's worth north of £1000-£1500 it's unlikely to be an issue in bankruptcy.


Dennis
@natdebtline

Thanks, my budget has had to be meagre in an attempt to pay the debts. So, no I wouldn't have a spare £100. I have an 11 year old car, probably worth about £500, £750 at best. I appreciate your help. And yes, a fellow devotee

The_Walking_Debt

Redone with amendments as suggested...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 578
Partners monthly income after tax....... 0
Benefits................................ 471
Other income............................ 0
Total monthly income.................... 1049

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 45
Gas..................................... 0
Oil..................................... 10
Water rates............................. 25
Telephone (land line)................... 26
Mobile phone............................ 3
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 25
Petrol/diesel........................... 44
Road tax................................ 13
Car Insurance........................... 29
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1070


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.................... 1,049
Expenses (including HP & secured debts). 1,070
Available for debt repayments........... -21
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -21

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

philnicandevan

National_Debtline wrote: »

You haven't put a value on the car that you are running - is this an oversight or do you simply have the use of someone else's vehicle? At any rate unless it's worth north of £1000-£1500 it's unlikely to be an issue in bankruptcy.


Dennis
@natdebtline

Is this something recent Dennis? i've had a couple of recent cases where OR's are querying cars worth considerably less..had to jump through numerous hoops to explain vehicle needs etc.

philnicandevan

The_Walking_Debt wrote: »

Redone with amendments as suggested...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 578
Partners monthly income after tax....... 0
Benefits................................ 471
Other income............................ 0
Total monthly income.................... 1049

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 425
Management charge (leasehold property).. 0
Council tax............................. 67
Electricity............................. 45 Will this cover winter months etc?
Gas..................................... 0
Oil..................................... 10 Seems a little low but will this cover winter months as well?
Water rates............................. 25
Telephone (land line)................... 26
Mobile phone............................ 3 ? seems low
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 240
Clothing................................ 25
Petrol/diesel........................... 44
Road tax................................ 13
Car Insurance........................... 29
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 18
Buildings insurance..................... 0
Contents insurance...................... 5 seems a little low does the policy cover accidental damage etc?
Life assurance ......................... 25 Receiver MAY take an interest in this
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1070


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.................... 1,049
Expenses (including HP & secured debts). 1,070
Available for debt repayments........... -21
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -21

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

Just a few little thoughts

The_Walking_Debt

Thanks, good point about the electric, I've just changed supplier, so need to check. The £10 is for wood, not oil, but probably more thinking about it. Mobile phone is mostly used for business so that's personal use. Total for month is £13. The life insurance is funeral insurance, but a bit worried now that OR will take an interest if claims are made on my death. Would be interested if anyone knows if it's different from life insurance?

National_Debtline

Hi Phil

philnicandevan wrote: »

Is this something recent Dennis? i've had a couple of recent cases where OR's are querying cars worth considerably less..had to jump through numerous hoops to explain vehicle needs etc.

No, no changes per se - you've probably just been dealing with some OR's at the more pernickety end of the spectrum. I was working on the assumption here that car is chiefly used for work commute, but I shouldn't assume really.


Probably easiest if OP can tell us what the car is worth and how they would get by if they did not have the use of it.


Dennis
@natdebtline