Bankruptcy experiences?

Sonic101

Hi 
I’m looking at bankruptcy, been reading up a lot about it but would be really grateful for others’ advice/experiences. 

-Having spoken to National Debtline and StepChange and gone through my budget, I will get an IPA. Does that mean I’m likely to have to provide bank statements every month or suchlike? Don’t get me wrong, I don’t object to paying towards my debts but feel scared that they will think I’m being dishonest if I don’t spend the amounts I’ve budgeted for?
- I own a car worth about £600. I work from home and don’t technically ‘need’ a car, though I will have to commute to the office periodically and the cost of petrol, etc., would work out less than the cost of train fares and accommodation. I also visit my elderly father a couple of evenings a week, which would be expensive with no car as it would have to be taxis. If a friend could pay the OR the value of the car is there any chance they’d let me keep it, or is it more likely they’ll tell me to go fly a kite.

(Sorry to ask stupid questions, but I feel very worried,)

TheGardener

These are not stupid questions - they are very common and quite understandable
The car first: given its value is below the £1000 value permitted and that its main use is to see and support your father there should be no issues keeping it. Make sure the OR understands seeing your father is an important part of its use.  
IPA's : it is rare in my experience that the OR will regularly want to see your bank statements, they simply don't have the time or resources to micro-manage BR's. However, if there is a sniff of suspicion that you are not declaring all your assets or income (not suggesting for a minute that you are not) - the OR can and will make checks. 

Sonic101

Many thanks TheGardener for your reply. I have been having sleepless nights for quite a while now. 

Sonic101

Finally managed to work out how to do post an SOA 

Any feedback would be really appreciated.

Household Information[/b]

Number of adults in household........... 1

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

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

Monthly Income Details[/b]

Monthly income after tax................ 1828

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

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

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

Total monthly income.................... 1828[/b][b]

Monthly Expense Details[/b]

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

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

Rent.................................... 675

Management charge (leasehold property).. 0

Council tax............................. 93

Electricity............................. 80

Gas..................................... 0

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

Water rates............................. 16

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

Mobile phone............................ 22

TV Licence.............................. 13.76

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

Internet Services....................... 35

Groceries etc. ......................... 240

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

Petrol/diesel........................... 40

Road tax................................ 10

Car Insurance........................... 30

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

Car parking............................. 5

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

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

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

Medical (prescriptions, dentist etc).... 20

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

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

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

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

Other insurance......................... 10

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

Haircuts................................ 15

Entertainment........................... 35

Holiday................................. 20

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

Total monthly expenses.................. 1461.76[/b]

[b]

Assets[/b]

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

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

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

Car(s).................................. 700

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

Total Assets............................ 700[/b]

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

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

Credit card 1..................3700......0.........0

Credit card 2..................3020......0.........0

Credit card 3..................1050......0.........0

mortgage shortfall.............15000.....0.........0

loan...........................19500.....0.........0

store card.....................850.......0.........0[b]

Total unsecured debts..........43120.....0.........-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,828

Expenses (including HP & secured debts). 1,461.76

Available for debt repayments........... 366.24

Monthly UNsecured debt repayments....... 0[b]

Amount left after debt repayments....... 366.24[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 700

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

Total Unsecured debt.................... -43,120[b]

Net Assets.............................. -42,420[/b]

luvchocolate

I think you can up your food. 
Do you pay into a works pension scheme?
6% was as much as I could afford but wasn't questioned at all 

Sonic101

luvchocolate said:

I think you can up your food. 
Do you pay into a works pension scheme?
6% was as much as I could afford but wasn't questioned at all 

Thanks.
I pay into a work pension but it’s deducted directly from my salary. So is dental insurance, so I didn’t put anything in for that.

luvchocolate

What % do you pay into your pension?
I wondered if you could up it a bit 

Sonic101

luvchocolate said:

What % do you pay into your pension?
I wondered if you could up it a bit 

I pay 5%, It’s a good thought, but I imagine the OR might not be too happy if I’m insolvent (and currently only just managing debt repayments) but started upping my pension payments? 

luvchocolate

I paid 6% which is a reasonable amount and wasn't questioned 

Sonic101

luvchocolate said:

I paid 6% which is a reasonable amount and wasn't questioned 

Yes, I think anything up to 10% is seen as reasonable. What I would worry about is if I were to increase my pension payments before going bankrupt it might be seen as paying money that could have gone to my creditors.