Help!!

Rockbottom88

Hey ii am new to this forum.
Trying to build up the courage to file for bankcrupcy.
Both me and my wife are in a major crisis so we would
Both have to file for bankcrupcy.
Would we have a ipa put in place.
I will submit my soa.
Thank you
Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1390
Partners monthly income after tax....... 286
Benefits................................ 932
Other income............................ 0
Total monthly income.................... 2608

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 130
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 60
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 45
Groceries etc. ......................... 650
Clothing................................ 40
Petrol/diesel........................... 180
Road tax................................ 15
Car Insurance........................... 75
Car maintenance (including MOT)......... 40
Car parking............................. 15
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 30
Medical (prescriptions, dentist etc).... 30
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 10
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 30
Entertainment........................... 40
Holiday................................. 0
Emergency fund.......................... 40
Total monthly expenses.................. 2283


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1300
Other assets............................ 0
Total Assets............................ 1300

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Cc.............................7200......0.........0
Cc.............................9800......0.........0
Loan...........................17000.....0.........0
Catalogues.....................4000......0.........0
Total unsecured debts..........38000.....0.........-


Monthly Budget Summary
Total monthly income.................... 2,608
Expenses (including HP & secured debts). 2,283
Available for debt repayments........... 325
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 325

Personal Balance Sheet Summary
Total assets (things you own)........... 1,300
Total HP & Secured debt................. -0
Total Unsecured debt.................... -38,000
Net Assets.............................. -36,700

sourcrates

Hi,


Your budget is a little incomplete, as the debt repayments are not listed, I suppose its safe to assume they add up to more than the £325 disposable income you have left.


£650 is a tad high for food, where bankrupcy is concerned, there are allowences for every catagory, your spend will be checked against these limits, if any are found to be excessive, you will be asked to justlfy them.


Once a budget has been finalised, any disposable income over £20 will/can be used to fund an IPA.

Minkym00

You are also only allowed £10 per person for an emergency fund.

foxtrotoscar_2

Minkym00 wrote: »

You are also only allowed £10 per person for an emergency fund.

There's 4 people in the household.

Rockbottom88

Thank you for your replies.
650 for food maybe a could bring it down a little but just trying maximise the allowances as av read on this forum.
Does the op take benefit income into account with regards to ipa as we have 900 plus income off universal credit and child benefit
Thanks

TheGardener

How old are the children? If they are under 16 then I'd add another £10 to the clothing - is there school uniform and shoes included?

I would put £40 in your holiday fund and £40 in the birthdays/presents
The food actually isn't that bad if it includes all work lunches, school dinners etc - I wouldn't be reducing that.
Benefits are not included in the calculation as such but the OR still looks at the overall income.

If you had no debts to repay - you should be in a workplace pension scheme. Up to 6% of your income would be acceptable. Having a pension is a financially responsible thing to do.

Rockbottom88

Thank you for your replie
My children are 4 and 3.
I am in a pension at work i think its 5%.
Ideally i would not want a ipa for 3 years playing 300 plus.
I just would like a fresh start tbh.
i could reduce my income by going part time
Could this be an option.
Thanks again.

TheGardener

Ok so groceries still include nappies etc so I'd put an extra £30 on groceries - you should be fine there. People often make the mistake of thinking 'groceries' is just food but its cleaning, baby stuff, packed lunches, light bulbs, dry cleaning, laundrette to wash bedding (little ones making the transition from nighttime nappies?) etc etc..
You are going to have to budget for school uniform for the eldest next year, that could be a bit extra in the clothing budget
No childcare costs at all?
Pension is fine
Another fiver on parking
As mentioned before - £40 in Holidays
Are you expecting a rent rise any time soon? Make sure the OR is aware of that if you are.
Decorating - are you required by the LL to decorate /repair any child-related damage? ...
It's about really thinking about what life really costs - not just how much does a loaf of bread cost.

Rockbottom88

Thank you so much very helpful.
Yup they still in nappies
Rent staying same a fink as its quite recent.
On holidays add a other 10 so its 40quid is that what u mean.
And decorating wise ye we have permission
And we av the carpet cleaned regularly n that.
Circumstances as got us in this mess
Owning a house and lending to get work done etc
I will never ever buy a house ever again.

TheGardener

Rockbottom88 wrote: »

...
On holidays add a other 10 so its 40quid is that what u mean.
...

Yes - £40 in total for holidays.

Minkym00

foxtrotoscar - it is a maximum of £20, no matter how many people in the household.