Bankruptcy Questions

PMS78

Thank you for you advice. I am on a time limit, as I need to sort this out in the next few days and I will speak with my employer tomorrow about my options. I can lose a day and survive to a degree, I have discussed this with family and they are willing to help out for a year if necessary. I would rather the short term year of belt tightening, rather than the 3 year prison sentance. I might as well only earn what they decree is acceptable for a year, rather than have the additional taken from me for 3, leaving me in the same situation, but for a prolonged period of time.


My outgoings are as shown as my 50% contribution and the sole responsibility payments. I am not sure what else I can 'beef' up. I am concerned that they will think my car costs are too high, my sons transport/meals etc and my grocery bills.

TheGardener

It is important not to view the Standard Financial Statement as containing 'allowances' - They are guidelines for the OR and debt charities and they are not generally in the public domain. Anyone who submits an SoA with specific amounts that match the guidelines would arouse some suspicion. However, if one follows this board for long enough you begin to see patterns

Using this calculator http://www.stoozing.com/calculator/soa.php
makes it easier to make suggestions. By using this calculator across the BR board helps us give consistent advice. Do you have time to complete it? When you get to the end there is a format for MSE button to use to post on here.

In anticipation - I can already see your groceries are way too low for an adult and teenager.

PMS78

Funny, I have just been working on that!


This is the current situation 50% of my share of the household bills, with the rest being my own sole responsibility. My OH does not pay for anything for my son, my choice and he is not much better off from what I gather.


This does leave me with a 'spare £55.



Monthly Income Details[/b]
Monthly income after tax................ 1373
Partners monthly income after tax....... 0
Benefits................................ 81
Other income............................ 0
Total monthly income.................... 1454

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 475
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 4.5
Satellite/Cable TV...................... 0
Internet Services....................... 20.5
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 160
Road tax................................ 23
Car Insurance........................... 60
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 45
Childcare/nursery....................... 0
Other child related expenses............ 65
Medical (prescriptions, dentist etc).... 12
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8.61
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 15
Entertainment........................... 50
Holiday................................. 20
Emergency fund.......................... 20
Pet food................................ 35
Total monthly expenses.................. 1398.61


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Repossed property..............0.........0.........0
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,454
Expenses (including HP & secured debts). 1,398.61
Available for debt repayments........... 55.39
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 55.39

Personal Balance Sheet Summary
Total assets (things you own)........... 500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 500

Minkym00

Don’t worry too much, you need to have over £20 a month surplus to be subject to an IPA. You can easily massage the figures to spread £35 across them! Stick a bit more on groceries, stick a tenner on car parking, and another tenner on gifts.

If you get an intransigent OR just dig your heels in. They are not going to pursue it to court for that amount.

PMS78

Does anything stand out as excessive at all?

TheGardener

Just add a bit more to the groceries - there is certainly nothing excessive. Aim for a zero surplus.

PMS78

Ok, I am ready to go!


Work have agreed to continue my temproray contract, but reduce my hours to 34, which will lower my wages just enough, but stop me from drowing. I could have hugged the HR lady, infact they are not doing so well and were slightly pleased to save some money and another job.



Just these couple of things..


I have transferred my car into my partners car into his name, and as payment for the cars worth, he is paying for the bankruptcy. But I will still be using the car, in absence of any other option. Will this be a problem?


Also, I have sold at least 2 other cars in the last 5 years, but only as a change of vehicle and none for more than £1000. Will this be a problem?


Here is a copy of my application, which was slightly different in fields than the SOA. Would you be so kind as to cast an eye over it and see if I might be too high on some? Thank you so much for all your help.


Total income£ 1377.00 per month

Salary or wages£1296.00 per month

Benefits£81.00 per monthChild Benefit

Total expenses£ 1377.00 per month


Rent£ 475.00

Building and content insurance £ 8.50

TV licence£ 5.00



Veterinary bills£ 15.00

Dentistry£ 10.00

Opticians£ 5.00



Groceries£ 245.00
Toiletries£ 20.00
Meals at work£ 20.00



Vehicle insurance£ 30.00

Breakdown cover£ 10.00

Vehicle tax£ 23.00

MOT and ongoing maintenance£ 30.00

Fuel, parking and toll road charges£ 170.00



Dentistry and optician costs for yourchildren£ 5.00

School uniforms£ 20.00

School meals£ 47.00

After school clubs and school trips£ 30.00

Public transport to and from school£ 46.00

Pocket money£ 20.00



Clothing and footwear£ 30.00

Hairdressing£ 15.00

Home phone, internet, TV packages£ 20.00

Mobile phone£ 27.50

Hobbies, leisure or sport£ 30.00

Gifts£ 20.00