Bankruptcy- Newbie

fatbelly

56puddles said:

I have a dependent living with me who doesn't work and over the past 6 years I've provided monty spending money. A recent online chat with CAB or Stepchange suggested I put the monthly against a family loan.
Would this wash with insolvency officer?
Thanks as I'd like to make my submission for bankruptcy soon

That wouldn't be an acceptable expenditure item.

A family loan is still a loan and you would be expected to list that person as a creditor and not treat them preferentially.

56puddles

fatbelly said:

56puddles said:

I have a dependent living with me who doesn't work and over the past 6 years I've provided monty spending money. A recent online chat with CAB or Stepchange suggested I put the monthly against a family loan.
Would this wash with insolvency officer?
Thanks as I'd like to make my submission for bankruptcy soon

That wouldn't be an acceptable expenditure item.

A family loan is still a loan and you would be expected to list that person as a creditor and not treat them preferentially.

It did seem an odd suggestion to me as well.
I have revisited my SOA and have £59.00 /month to service my debts having removed the family loan aspect, would this see me clear in 12-months or would I need to trim it down a bit further?

flipflopflo

Why not pop your SoA up, use the link posted earlier, and let the guys on here check it over.

luvchocolate

An IPA lasts for 3 years. This can go up or down depending upon any change in circumstances 

56puddles

flipflopflo said:

Why not pop your SoA up, use the link posted earlier, and let the guys on here check it over.

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................ 2369.58

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

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

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

Total monthly income.................... 2369.58[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 695.00

Management charge (leasehold property).. 27.79

Council tax............................. 193.86

Electricity............................. 65.26

Gas..................................... 65.25

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

Water rates............................. 43.16

Telephone (land line)................... 34.99

Mobile phone............................ 54.57

TV Licence.............................. 13.37

Satellite/Cable TV...................... 0

Internet Services....................... 0

Groceries etc. ......................... 370.65

Clothing................................ 48.35

Petrol/diesel........................... 204.20

Road tax................................ 22.08

Car Insurance........................... 21.93

Car maintenance (including MOT)......... 128.75

Car parking............................. 50.00

Other travel............................ 0

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

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

Medical (prescriptions, dentist etc).... 77.1

Pet insurance/vet bills................. 0

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

Contents insurance...................... 9.05

Life assurance ......................... 0

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

Presents (birthday, christmas etc)...... 41.67

Haircuts................................ 28.75

Entertainment........................... 40.00

Holiday................................. 40.00

Emergency fund.......................... 0

Saving.................................. 20.00

Toiletries.............................. 37.5

Professional services - McAfee.......... 7.50

Professional services - Microsoft....... 5.00

Lawnmower petrol & maintenance.......... 12.95

Pet food & maintenance.................. 9.65[b]

Total monthly expenses.................. 2368.38[/b]

[b]

Assets[/b]

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

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

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

Car(s).................................. 750.00

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

Total Assets............................ 750[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

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

NatWest loan #7615765..........6328.4....328.5.....0

NatWest loan #7615788..........3959......203.9.....0

Barclaycard....................11894.6...258.1.....15.95

MBNA...........................17444.4...398.2.....17.94[b]

Total unsecured debts..........39626.4...1188.7....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,369.58

Expenses (including HP & secured debts). 2,368.38

Available for debt repayments........... 1.20

Monthly UNsecured debt repayments....... 1,188.7[b]

Amount short for making debt repayments. -1,187.5[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 750

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

Total Unsecured debt.................... -39,626.4[b]

Net Assets.............................. -38,876.4[/b]

JCS1

Does the other adult in the household not contribute?
Council tax - is this over 10 months or 12? Is car maintenance really 1.5k pa? Medical is high, do you have a breakdown if asked?

Some categories look a little high, some a little low, but it's a very long time since I looked over SOA's so I'll let others comment.

Also, intrigued what pet do you have that costs under £10 a month?

sourcrates

The IPA threshold currently stands at £20.

If you have disposable income over that amount, then, at the discretion of the OR, you may get an IPA for up to 3 years.

You may want to twiddle the amounts around a bit, no emergency fund for example, although the allowances in bankruptcy are fairly reasonable, we are not privy to them.

Fat belly may be able to better advise on that area.

luvchocolate

Medical is very high at over £900.
I would imagine this would need explaining. 
Is your council tax listed as monthly but paid over 10 month as this is also high 

56puddles

Many thanks for collective comments.
I have a couple medical conditions, which means that medication I don't have to pay, council tax is over 10-months and I am sole payer of it, a guinea pig I've estimated at £10/month after buyer food (dried plus some fresh veg + 3 x elements of the indoor cage), my eyes are usually tested annually (last week = first time in over a year) and am anticipating having to buy replacements with estimate of cost (last ones, 3 Yrs old).
Car maintenance is tricky, I replaced my car Dec.'20 and to-date have already shelled out over £500. However, I have included new set of tyres, plus a maintenance that will come due in a few months and a bit of leeway in case replacement brakes are required, MOT, etc. hence £1.5K.
I will shift some £'s into groceries and one or two other areas drop the savings bit.
The bottom line is I'm the income provider, so dental is for two people that includes potential treatment; no one has been for a check-up in over 12-months and the dental practises aren't chasing either; it is a concern.
I'd really like to get  in and out in 12-months and not have to go 3 years.  The debts are non-priority, so there shouldn't be bailiffs turning up at the front door.

56puddles

I have a one query - I've been saving my draft SOA to a spreadsheet - is this correct when making completing the online bankruptcy? Is it something I can copy /paste (i.e. as per above), or do I have input the figures again and save the SOA into the Gov.uk online form? I'm already part way through completing the online form.