Is bankruptcy my best option

Flyright

No, as that would potentially be fraud if you did not disclose it.

tigerfeet2006

fishfinger1 wrote: »

I know it's probably wring but say I came into the inheritance withing the 12 month period wouldn't I be able to have it put in my partners account?

The trustee would do a BR search amongst other things before giving you the money and it would go straight to the OR with out even hitting your bank account (or your partners).

tigerfeet2006

fishfinger1 wrote: »

Thanks ive read alsorts about it. But it just seems so easy to get out of debt this way that it can't be true. Have you been through it yourself? Would the or have to look at my partners accounts even tho shew not in the bankruptcy just to see that the household income and expenditures are being halved?

Just about everyone on this board has gone through some sort of insolvency or are debt advisors.

Unless you have had your wages or similar paid regularly into your partners account then the OR will not be able to look at her accounts as she is not the BR. He may ask to see proof of what she earns so he can check if you are paying a fair amount to the joint household bills. If she doesn't want to show the OR proof then the OR will assume she pays 50% towards the joint bills.

fishfinger1

tigerfeet2006 wrote: »

Just about everyone on this board has gone through some sort of insolvency or are debt advisors.

Unless you have had your wages or similar paid regularly into your partners account then the OR will not be able to look at her accounts as she is not the BR. He may ask to see proof of what she earns so he can check if you are paying a fair amount to the joint household bills. If she doesn't want to show the OR proof then the OR will assume she pays 50% towards the joint bills.

So am I right in thinking once discharged generally after a year from what I've seen then any monies received cannot be touched by OR. As with regards to my financial situation I take home £653 every 2 weeks out of that I pay £600 a month rent £141 council tax and £85 on 2 mobile phone contracts the rest is £25 overdraft charges and swallowed up in minimum payments to the credit cards. So if I were to go bankrupt does that mean there would be no credit card payments therefore the spare money would be paid into IPA. Sorry for all the questions im just trying to understand it all

fishfinger1

Oh sorry I forgot £84 gas and electricity and I'm currently paying back an extra £111 to my old energy supplier for arrears

tigerfeet2006

http://www.stoozing.com/calculator/soa.php

Fill in the SoA above and format for MSE and then copy and paste here.

You need to put your income, your partners contribution to the joint household bills, any benefits, the joint household bills and your personal expenses.

Don't put any debt payments as they will be in your BR. I am assuming with no debt that your OH wants you to contribute to the household properly so this will be your SoA going forward from BR.

DorisTrousers

You cannot transfer the 2.5k to your partner just to fit DRO criteria, but if your partner paid cash out of his or her pocket then that would be fine.

The current and previous utility arrears are included in either BR or DRO, so you would be shot of those, however you then need to factor in if not paying towards those (or any other debts) would breach the £50 DRO affordability threshold, or lead to Income Payments in a BR.

An inheritance, of any decent amount at least, in the 12 months subsequent to the granting of DRO or BR would lead to DRO revocation, and would be captured by BR. Anything left after the debt, plus OR costs in BR, have been settled would be returned to you.

The OP has said that there are £25 o/d charges, and min payments to debts, but those would of course no longer be required to be paid in either solution, so, as ever, the key to the solution is what can be afforded from income after all reasonable, but not debt repayment, costs have been calculated.

philnicandevan

fishfinger1 wrote: »

Oh sorry I forgot £84 gas and electricity and I'm currently paying back an extra £111 to my old energy supplier for arrears

As tiger said dont bother with debt repayments they'll fall into bankruptcy anyhoo....although £84 seems a little low for both Gas and Elec will this cover winter months??

tigerfeet2006

If you want to lower the debt amount for a DRO then lower the debts equally across the board and then look at a DRO when they are under £20k. If your OH gives you the money to do this then just share it out equally not one debt, one lump sum as you will be favouring.

fishfinger1

tigerfeet2006 wrote: »

http://www.stoozing.com/calculator/soa.php

Fill in the SoA above and format for MSE and then copy and paste here.

You need to put your income, your partners contribution to the joint household bills, any benefits, the joint household bills and your personal expenses.

Don't put any debt payments as they will be in your BR. I am assuming with no debt that your OH wants you to contribute to the household properly so this will be your SoA going forward from BR.

My partner pays for all the food shopping etc. She pays for everything to do with the 2 cars including fuel tax etc. She also pays the water bills phone Internet kids clothes presents basically everything as most hee wage is what we live on apart from a couple of Her debt repayments