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UnluckyGal
Posts: 5 Forumite
Hello lovely people,
[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]
partner and I are looking into bankruptcy after accruing 100K+ unsecured debt in a very short period of time.
Any advice would be greatly appreciated.
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................ 0
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 0[/b][b]
Monthly Expense Details[/b]
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 800
Management charge (leasehold property).. 0
Council tax............................. 196
Electricity............................. 230
Gas..................................... 0
Oil..................................... 0
Water rates............................. 15
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 110
Groceries etc. ......................... 250
Clothing................................ 20
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 20
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 20
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 1751[/b]
[b]
Assets[/b]
Cash.................................... 50000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 770
Other assets............................ 0[b]
Total Assets............................ 50770[/b]
[b]
No Secured nor Hire Purchase Debts[/b]
[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Lawyer fees....................130000....0.........0[b]
Total unsecured debts..........130000....0.........- [/b]
[b]
Monthly Budget Summary[/b]
Total monthly income.................... 0
Expenses (including HP & secured debts). 1,751
Available for debt repayments........... -1,751
Monthly UNsecured debt repayments....... 0[b]
Amount short for making debt repayments. -1,751[/b]
[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 50,770
Total HP & Secured debt................. -0
Total Unsecured debt.................... -130,000[b]
Net Assets.............................. -79,230[/b]
[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
I posted a similar q in a different thread but it seems I am unable to delete that post - apologies!
I posted a similar q in a different thread but it seems I am unable to delete that post - apologies!
0
Comments
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With £50K savings - which the OR would take as an asset, I'm not sure bankruptcy would be the best option. Have you spoken to any of the debt charities for advice? It also looks like there is a story behind the one sole debt.
Have you tried business debtline to see what they say?0 -
Hi JCS1, yes, I did speak to them briefly on webchat. Will also be getting advice from insolvency practitioner on the matter.
I will definitely ring up debtline.
0 -
It is difficult to say without the whole pi cture, but it is unusual with that level of cash asset to declare bankruptcy.
0 -
We defiantly need more details before we can advise you.
The debts were they all business related?
Were you a Sole Trader, Partnership, Limited Company?
Don't do anything without doing further research.
Are the debts in one name or joint?
If you go down to the woods today you better not go alone.0 -
Debt are all from loans.0
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I forgot to say, the only reason we still have those 50k is because we haven't yet paid three outstanding invoices that amount to 65k.0
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Right Business Debtline is your first port of call.
Business debt advice | Free debt help | Business Debtline | Business Debtline
I am assuming you are in England or Wales.If you go down to the woods today you better not go alone.0
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