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Bankruptcy questions

45 replies 1.7K views
I’m thinking about bankruptcy as a last resort, my income from employment is about £1500 and about the same total from UC because our rent element is high and we have kids.

I want to know if our income is too low compared to outgoings so our debts get rotten off completely or if we will be expected to keep paying a little?

has anybody got a link to an example max expenses allowed for each thing for a family

If I arrange an IVA, then lose my job in the future can it be changed?

sorry for so many questions 
«1345

Replies

  • luvchocolateluvchocolate Forumite
    2.3K posts
    Eighth Anniversary 1,000 Posts Home Insurance Hacker!
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    There are no allowances as such..there are trigger amounts which are not public knowledge...although we do have posters on here that deal with that daily. 
    Please put up your SOA and we can advise 
  • Pinkbunny2000Pinkbunny2000 Forumite
    104 posts
    10 Posts
    There are no allowances as such..there are trigger amounts which are not public knowledge...although we do have posters on here that deal with that daily. 
    Please put up your SOA and we can advise 
    How do I put up my soa?

    is there a link that Someone can post that I can fill in?
  • Pinkbunny2000Pinkbunny2000 Forumite
    104 posts
    10 Posts
    Would someone be able to post a link to a form to fill in or an example of a SOA?
  • Helen0503Helen0503 Forumite
    1 posts
    First Post
    MoneySaving Newbie
    I went bankrupt in 2003 two of my credit cards were left on my credit report finally last month I got in touch with barclaycard they are going to get them removed will they of affected my credit report and would I be able to claim compensation 
  • luvchocolateluvchocolate Forumite
    2.3K posts
    Eighth Anniversary 1,000 Posts Home Insurance Hacker!
    ✭✭✭✭
    Helen0503 said:
    I went bankrupt in 2003 two of my credit cards were left on my credit report finally last month I got in touch with barclaycard they are going to get them removed will they of affected my credit report and would I be able to claim compensation 
    Hi could you start your own thread please. 
    It gets confusing answering to different people on someone else's post. 
    Thank you 
  • fatbellyfatbelly Forumite
    15.3K posts
    Part of the Furniture 10,000 Posts Cashback Cashier Car Insurance Carver!
    ✭✭✭✭✭
    The soa calculator is here

    https://www.lemonfool.co.uk/financecalculators/soa.php

    Please format for mse
  • Pinkbunny2000Pinkbunny2000 Forumite
    104 posts
    10 Posts
    Thanks fatbelly 
  • Pinkbunny2000Pinkbunny2000 Forumite
    104 posts
    10 Posts
    Enter your income details
    Amount (£)
    Monthly Income (after tax)
    Partner's Monthly Income
    Benefits
    Other Income (e.g. maintenance payments)
    Enter your monthly expenditure
    Amount (£)
    Mortgage payment (from secured debt table below)
    Secured/HP loans (from secured debt table below)
    Rent
    Management Charge (e.g. on leasehold property)
    Council Tax
    Electricity
    Gas
    Oil
    Water Rates
    Telephone (land line)
    Mobile Phone
    TV Licence
    Satellite/Cable TV
    Internet Services
    Groceries etc.
    Clothing
    Petrol/Diesel
    Road Tax (car)
    Car Insurance (including breakdown cover)
    Car Maintenance (including MOT)
    Car Parking
    Other Travel
    Childcare/Nursery
    Other child related expenses
    Medical (prescriptions, dentists, opticians etc.)
    Pet Insurance/Vet bills
    Building Insurance
    Contents Insurance
    Life Assurance
    Other Insurance
    Presents (birthday, christmas etc.)
    Haircuts
    Entertainment
    Holiday
    Household Emergency Fund (e.g. for repairs)
    Enter SECURED debts and Hire Purchase (HP) debts

    Enter ALL your mortgage, secured and HP debt details here.

    Debt descriptionDebt (£)Monthly payment (£)Annual Rate (%)
    Mortgage
    Secured debt
    Hire Purchase (HP)
    Enter your UNsecured Debts e.g. credit cards
    Debt descriptionDebt (£)Min Pay (£)Annual Rate (%)
    Enter the value of your assets
    AssetValue (£)
    Cash
    House value (gross)
    Shares & bonds
    Car(s)
    Other assets (e.g. endowments, jewellery)
    Additional Information

    Optional information, but very useful for anyone reviewing your SOA.

    Number of adults in household
    Number of children in household
    Number of cars owned
    Main functions...

      

    Format results for discussion boards (optional)

     

  • Pinkbunny2000Pinkbunny2000 Forumite
    104 posts
    10 Posts
    All my answers don’t show?

    what is the best way to do it?
  • Pinkbunny2000Pinkbunny2000 Forumite
    104 posts
    10 Posts

    Amount (£)
    Monthly Income (after tax) 1500
    Partner's Monthly Income0
    Benefits1500
    Other Income (e.g. maintenance payments)0
    Enter your monthly expenditure
    Amount (£)
    Mortgage payment (from secured debt table below)
    Secured/HP loans (from secured debt table below)
    Rent1300
    Management Charge (e.g. on leasehold property)
    Council Tax120
    Electricity30
    Gas30
    Oil
    Water Rates30
    Telephone (land line)30
    Mobile Phone100
    TV Licence30
    Satellite/Cable TV20
    Internet Services30
    Groceries etc.600
    Clothing50
    Petrol/Diesel
    Road Tax (car)
    Car Insurance (including breakdown cover)
    Car Maintenance (including MOT)
    Car Parking
    Other Travel270
    Childcare/Nursery
    Other child related expenses
    Medical (prescriptions, dentists, opticians etc.)
    Pet Insurance/Vet bills10
    Building Insurance
    Contents Insurance20
    Life Assurance20
    Other Insurance
    Presents (birthday, christmas etc.)20
    Haircuts30
    Entertainment20
    Holiday20
    Household Emergency Fund (e.g. for repairs)10
    Enter SECURED debts and Hire Purchase (HP) debts

    Enter ALL your mortgage, secured and HP debt details here.

    Debt descriptionDebt (£)Monthly payment (£)Annual Rate (%)
    Mortgage
    Secured debt
    Hire Purchase (HP)
    Enter your UNsecured Debts e.g. credit cards
    Debt descriptionDebt (£)Min Pay (£)Annual Rate (%)
    Enter the value of your assets
    AssetValue (£)
    Cash
    House value (gross)
    Shares & bonds
    Car(s)
    Other assets (e.g. endowments, jewellery)
    Additional Information

    Optional information, but very useful for anyone reviewing your SOA.

    Number of adults in household
    Number of children in household
    Number of cars owned
    Main functions...

      

    Format results for discussion boards (optional)

     

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