Applying for bankruptcy

Stanton14

Hi everyone. 

I’m thinking of applying for bankruptcy, in fact I can’t stop thinking about it as I don’t see any other solution to feel better about my situation. 

After a 5 yr relationship of lots of stupid spending on my partners side and then mine and after a while of many interest free balance transfers from her credit cards to new ones I applied for to stop interest, I’m now in 25k+ debt. She has left me with all of it after cheating and running off. 

I never missed a payment until she left and then I couldn’t keep up so I reached out to StepChange and I’ve been on a DMP. However, I’m struggling to actually live my life as there is no financial room for anything other than bills and DMP payment. The thought of doing 5+ years like this makes me cry most days. Hence why I’m thinking of bankruptcy. 

Please see my break down below. The -290.72 I’m short on, I’m managing to get overtime but I’m exhausted and don’t see anyone. Oh and the £145 entertainment is crossfit, it’s my only outlet and helps keep my mental health in check. 

Any help and advice would be greatly appreciated. 

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]

Number of adults in household........... 2

Number of children in household......... 0

Number of cars owned.................... 1[b]

Monthly Income Details[/b]

Monthly income after tax................ 2171

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 2171[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 850

Management charge (leasehold property).. 0

Council tax............................. 90.3

Electricity............................. 15

Gas..................................... 15

Oil..................................... 0

Water rates............................. 24

Telephone (land line)................... 0

Mobile phone............................ 43

TV Licence.............................. 13.11

Satellite/Cable TV...................... 20

Internet Services....................... 17

Groceries etc. ......................... 200

Clothing................................ 20

Petrol/diesel........................... 160

Road tax................................ 150

Car Insurance........................... 62.5

Car maintenance (including MOT)......... 21

Car parking............................. 0

Other travel............................ 70

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 30

Buildings insurance..................... 0

Contents insurance...................... 16

Life assurance ......................... 33.2

Other insurance......................... 0

Presents (birthday, christmas etc)...... 15

Haircuts................................ 20

Entertainment........................... 145

Holiday................................. 0

Emergency fund.......................... 20[b]

Total monthly expenses.................. 2050.11[/b]

[b]

Assets[/b]

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 1500

Other assets............................ 0[b]

Total Assets............................ 1500[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

Credit card ...................10800.....147.......0

Credit card ...................8326......119.......0

Credit card ...................3268......49........0

Loan ..........................1984......96.61.....0[b]

Total unsecured debts..........24378.....411.61....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,171

Expenses (including HP & secured debts). 2,050.11

Available for debt repayments........... 120.89

Monthly UNsecured debt repayments....... 411.61[b]

Amount short for making debt repayments. -290.72[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 1,500

Total HP & Secured debt................. -0

Total Unsecured debt.................... -24,378[b]

Net Assets.............................. -22,878[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

MalMonroe

As your circumstances have now changed and things have become even more difficult for you, why not contact StepChange again and explain and ask them about going bankrupt? They can help you to do that. Just because you've used them once and they arranged the DMP does not mean that you cannot contact them ever again. 

They helped me with a DRO and I found them to be very helpful and understanding.

fatbelly

Yes - you'll need the fee of £680.

The only thing that's a bit 'grey-area' is your £1500 car. Try getting it valued on Parkers Guide and seeing what the lowest valuation is. You really need to be below £1000 or you could lose it.

With £120 available to service £25 k debt that's a very long dmp - getting towards 20 years.

On your soa there are a couple of things that won't be allowed - entertainment at 145 per month and the life insurance (unless you have a very good reason). Not sure about the satellite tv.

Groceries and elec/gas could all rise a bit.

You will likely get an income payment agreement but this will only last 36 months

fatbelly

You said your partner left but you have put your household as 2 adults?

flipflopflo

You have nothing down for prescriptions, dentist, optitions.

flipflopflo

What is the ‘other travel’? 

JCS1

Think the road tax figure might be incorrect at £150 per month

Stanton14

fatbelly said:

Yes - you'll need the fee of £680.

The only thing that's a bit 'grey-area' is your £1500 car. Try getting it valued on Parkers Guide and seeing what the lowest valuation is. You really need to be below £1000 or you could lose it.

With £120 available to service £25 k debt that's a very long dmp - getting towards 20 years.

On your soa there are a couple of things that won't be allowed - entertainment at 145 per month and the life insurance (unless you have a very good reason). Not sure about the satellite tv.

Groceries and elec/gas could all rise a bit.

You will likely get an income payment agreement but this will only last 36 months

So the car is a down grade. We had a car on HP which was in my name and I returned as I couldn’t keep up with the cost. I also use my car for work. I’ll take at the Parkers guide, thank you 😊 

Stanton14

JCS1 said:

Think the road tax figure might be incorrect at £150 per month

It is. Thank you for pointing that out. So it’s £12.5 over the year. 

Stanton14

fatbelly said:

You said your partner left but you have put your household as 2 adults?

So I now live with a house mate, but everything I put down is my half of the rent and bills. 

Stanton14

flipflopflo said:

What is the ‘other travel’? 

I have a new partner who unfortunately lives the other side of London so that is travel to see her over the month