Income declaration

AMS21246

Hi

After two failed businesses and heavy personal debts incurred including personal guarantees on the business debts, I am applying for bankruptcy.

My wife now completely supports us financially through her sole trader business and I am a ‘house husband’ we have three children 5,6 and 8. The eldest is autistic and we receive middle rate care benefit for her.

All benefits are paid to my wife and all household bills are covered from her personal account.
In effect, I have no money coming in and no money going out.
How would I complete a soa in this instance ?

Do I just list the household expenses and then put the exact amount paid out as my wife’s income ?

Or do I just leave it all blank ?

Any assistance would be gratefully received

WhenIam64

Why bankruptcy? Do you own a home together? What is your total debt?

AMS21246

My personal debt is over £100k
Over half to a single creditor for the purchase of the business

We do not own our home, we rent and have no assets

mwarby

My take on it (I'm not a debt counselor or qualified in any way)

I would list any benefits you receive as an individual as your income, even if they are paid to your wifes account. I would also note any other benefits in the notes portion of the form and or mention to the OR as early as possible(so the OR isn't under the impression that your hiding income). Benefits are generally ignored by the OR anyway for IPA purposes anyway

I would list half of all the essential outgoings as your expenses, but note that your wife makes up the shortfall and that they are paid from her account.

Clouds88

I would just complete the form as 0 income and 0 out goings and submit for bankruptcy when you have the telephone call with the OR just explain you are a house husband. Seems the best route for you and you would get an IPA in this instance either.

maxmycardagain

Clouds88 wrote: »

Seems the best route for you and you would get an IPA in this instance either.

would or would not?

Momofthree_2

My husband had zero wage income but child benefits were in his name so he had to ensure this was used by covering household contributions. OR was very helpful with this and actually helped him sort it.

Just put zero in boxes and explain to the OR on the phone.

Hope that helps.

Clouds88

Sorry I meant would not get one. Anyone on only benefits wouldn’t get one either.

sargan55

We do not own our home, we rent and have no assets