Bankruptcy where do I start

annie46abbie

Hi, I was married and we went bankrupt 10 years or so ago. My marriage has now broken down and he has left me in debt. To the tune of approximately 12000. 

I am now with a new partner he doesn't need bankruptcy but I definitely do. My gas and electricity debt is 7000 on its own. Nothing is in my ex hubby's name. 

I remember before that you could see how much the OR would allow for food, clothes, hairdressing and holidays. Can anyone point me in the right direction? Also on the sticky the SOA link now doesn't work. 

Please help 

luvchocolate

You say we went bankrupt..was this you or your ex 

SusieT

annie46abbie said:

Hi, I was married and we went bankrupt 10 years or so ago. My marriage has now broken down and he has left me in debt. To the tune of approximately 12000. 

I am now with a new partner he doesn't need bankruptcy but I definitely do. My gas and electricity debt is 7000 on its own. Nothing is in my ex hubby's name. 

I remember before that you could see how much the OR would allow for food, clothes, hairdressing and holidays. Can anyone point me in the right direction? Also on the sticky the SOA link now doesn't work. 

Please help 

The SOA link is https://www.lemonfool.co.uk/financecalculators/soa.php 

annie46abbie

SusieT said:

annie46abbie said:

Hi, I was married and we went bankrupt 10 years or so ago. My marriage has now broken down and he has left me in debt. To the tune of approximately 12000. 

I am now with a new partner he doesn't need bankruptcy but I definitely do. My gas and electricity debt is 7000 on its own. Nothing is in my ex hubby's name. 

I remember before that you could see how much the OR would allow for food, clothes, hairdressing and holidays. Can anyone point me in the right direction? Also on the sticky the SOA link now doesn't work. 

Please help 

The SOA link is https://www.lemonfool.co.uk/financecalculators/soa.php 

Thanks lovely, do you know what essential expenses I can put in for a family of 5?

luvchocolate

Hi you put in whatever you spend...the guildlines are not for public knowledge 

sourcrates

As above, input your usual spend, plus about 10% to allow for increases in costs, if the OR thinks any category is particularly high, they will mention it to you in your initial interview, if its justifiable then fine, if not, they may ask you to lower it, it`s at their discretion.

RAS

Why bankruptcy rather than a Debt Relef Order if you owe less than £30k?

Assuming your excess income is less than £70 per month?

annie46abbie

RAS said:

Why bankruptcy rather than a Debt Relef Order if you owe less than £30k?

Assuming your excess income is less than £70 per month?

I'm not keen on DRO I'm stressed as it is, so need a clean slate away from the imbecile who helped ruin me 😂. Socks being an adult 

sourcrates

annie46abbie said:

RAS said:

Why bankruptcy rather than a Debt Relef Order if you owe less than £30k?

Assuming your excess income is less than £70 per month?

I'm not keen on DRO I'm stressed as it is, so need a clean slate away from the imbecile who helped ruin me 😂. Socks being an adult 

A DRO would be a lot more preferable to bankruptcy, it`s just a walk in the park assuming you meet all the criteria, I would not go ahead with bankruptcy for a measly 12k.

[Deleted User]

annie46abbie said:

RAS said:

Why bankruptcy rather than a Debt Relef Order if you owe less than £30k?

Assuming your excess income is less than £70 per month?

I'm not keen on DRO I'm stressed as it is, so need a clean slate away from the imbecile who helped ruin me 😂. Socks being an adult 

It doesn't get easier !
You'll get all the best advice you'll need here, the members that have replied to you are worth listening to before you do anything else - be guided by them and they'll get you through it.

sammyjammy

Read about DRO, it isn't a Debt management plan, its a formal insolvency option which is cheaper than bankruptcy and is cleared within a year.

https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order