Bankruptcy guidance please

iqbal1976

Hello all

I am thinking about going bankrupt and would like some guidance before making a final decision please.

3 adults, 2 children at home. 1 adult (19) is at university, locally and living at home.

With regards to her, she does not contribute financially. Can I add her on to our expenditure or will I be forced to take money off her? She gets 3k a year maintenance loan which pays for her travel, equipment, clothes etc and we pay for her food.

Also we have a sofa and car on finance in husbands name, does that get included in household expenses (just me going br) as im including husband income when doing SOA (37% of total income)

I will definitely have an IPA but I am ok with this - i just dont want to have too little to support myself and my family in reality.

Thanks

sourcrates

Hi,

No one will force you to do anything, your budget and your expenditure should reflect your actual figures, but it won`t hurt to increase them by say 10/20% as a safety net, the allowances are surprisingly generous in bankruptcy.

If the OR is concerned about a particular spend, they will ask you about it, and you can explain your reasoning behind it, otherwise your spend is what it is.

I take it you do not own a property?

Debts in your husbands name should be budgeted for out of your joint income I would assume, as you are basing your other figures on that number.

iqbal1976

Thanks no we do not own, we rent which is my next challenge after reading conflicting info online about informing the landlord

I also hoped you would say that about husband payments because they are households items rather than say a cc.

My husband also requires hearing aids which isn't listed so hoping no battle over this as they are so expensive and I may have to run him over if he reverts to not hearing me!

Generally very anxious person and this is sending me through the roof. Will put up income and expenditure in the coming days or weeks if I choose to proceed

Thanks

fatbelly

The landlord is not routinely informed, provided that he is not a creditor in the bankruptcy. However, the insolvency register is a public website and so he could find out about it if he wanted to. Does your tenancy agreement contain any clause relating to bankruptcy?

iqbal1976

https://forums.moneysavingexpert.com/discussion/comment/82182046#Comment_82182046

It is assured and ive triple checked it and there is no clause. Heard horror stories of OR telling them anyway so this is worrying 😟

fatbelly

If there is no clause, then surely you have nothing to worry about?

iqbal1976

https://forums.moneysavingexpert.com/discussion/comment/82182139#Comment_82182139

I worry about EVERYTHING 😅 even things that haven't happened yet. I just worry if he found out and used it as an excuse to find a way to evict us. Model tenants to date though so hopefully all will be fine

luvchocolate

My landlord not informed and examiner said he wouldn't....I did notify him though as I had a good relationship with him

The only thing I remember being a problem was contents insurance was cancelled and I had paid for the year on the sites the assumption is you have never been bankrupt...when declared this does push the price up

No problems with car insurance

MEM62

Model tenants to date though so hopefully all will be fine

A good tenant is as valuable to the landlord as a good landlord is to a tenant. Even if the landlord finds out, if you are up to date with your rent, there is no motivation to evict you.