Soa Preparing to bite the bullet!!

Steph8821

Hiya me and my partner are finally getting ready to apply for bankruptcy and a dro would these figures be okay x

Household Information[/b]

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

Number of children in household......... 2

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

Monthly Income Details[/b]

Monthly income after tax................ 292

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

Benefits................................ 1784

Other income............................ 359[b]

Total monthly income.................... 2435[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 750

Management charge (leasehold property).. 0

Council tax............................. 115

Electricity............................. 45

Gas..................................... 45

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

Water rates............................. 35

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

Mobile phone............................ 70

TV Licence.............................. 12

Satellite/Cable TV...................... 55

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

Groceries etc. ......................... 600

Clothing................................ 40

Petrol/diesel........................... 100

Road tax................................ 13

Car Insurance........................... 70

Car maintenance (including MOT)......... 40

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

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

Childcare/nursery....................... 5

Other child related expenses............ 359

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

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

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

Contents insurance...................... 7

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

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

Presents (birthday, christmas etc)...... 50

Haircuts................................ 40

Entertainment........................... 50

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

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

Total monthly expenses.................. 2520

[b]

fatbelly

You're not far off but that shows a significant negative balance - do you get outside help? Friends/family?

What are the 'other income' and 'other child expenses'?

Steph8821

Hiya all bills are accurate food and  clothes vary. Other income is my childs dla  which i put down as expenses.
Am I allowed  to do this  x

fatbelly

Child dla isn't your income but it's good to be open about receiving it and doing what you have done with it. It also explained why there is an apparent shortfall. 

I looked at your other thread and worked this out earlier- it might have been easier to keep everything in one place.

I did suggest that your husband's bankruptcy should go first. You don't need anyone else to do that and you can  see what happens to the joint debts.

Steph8821

Hiya  thank you.  I was under the impression you could apply for both online
we was going to do it at the same time. My other half rang about the joint debt  but they will not take  my name of it.
Really  annoying tbh that have to do this over 1 debt were a literally just scribbled my name on a loan years ago.

fatbelly

I think I posted a factsheet about DROs on your other thread. You do need to read it.

You will find a DRO not as easy as bankruptcy as the FCA are making life difficult for intermediaries and you will need to jump through a lot of hoops.

In all probability the joint lender will chase you for the joint debt but it's not 100%., Do the bankruptcy and take it from there

Steph8821

Evening

@fatbelly  we just had a thought, would it be possible if my partner applied for a DRO and left the joint loan out  so he qualifies.  So i wouldnt need to go insolvent and arrange with the creditor a payment plan in the future. 

Thanks x

fatbelly

You can't omit things from a DRO