SOA for bankruptcy forms -does this look ok?

Jane21_3

Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 853.15
Expenses (including secure debts)....... 830.33
Available for debt repayments........... 22.82
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 22.82

Personal Balance Sheet Summary
Total assets (things you own)........... 0
(Assets less secured debt).............. 0
Total liabilities(what you owe)......... 0
Personal net worth...................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 853.15
Other income............................ 0
Total monthly income.................... 853.15

Monthly Expense Details
Mortgage................................ 0
Secure loan repayments.................. 0
Rent.................................... 65
Management charge (leasehold flat)...... 0
Council tax............................. 2
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 36
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 303.33
Clothing................................ 50
Haircuts................................ 13
Entertainment........................... 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Holiday................................. 60
Emergency fund.......................... 70
Total monthly expenses.................. 830.33

[

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Toon_Dave

Jane21 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Budget Summary
Total monthly income.................... 853.15
Expenses (including secure debts)....... 830.33
Available for debt repayments........... 22.82
Monthly UNsecured debt repayments....... 0
Surplus(deficit if negative)............ 22.82

Personal Balance Sheet Summary
Total assets (things you own)........... 0
(Assets less secured debt).............. 0
Total liabilities(what you owe)......... 0
Personal net worth...................... 0

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 853.15
Other income............................ 0
Total monthly income.................... 853.15

Monthly Expense Details
Mortgage................................ 0
Secure loan repayments.................. 0
Rent.................................... 65
Management charge (leasehold flat)...... 0
Council tax............................. 2
Electricity............................. 35
Gas..................................... 35
Oil..................................... 0
Water rates............................. 39
Telephone (land line)................... 36 - this is quite high..is this the lowest call plan?
Mobile phone............................ 5
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 303.33 This seems high, it may be disputed by OR, how many people?
Clothing................................ 50 - may be disputed too. how many people?
Haircuts................................ 13
Entertainment........................... 40 - Again, OR may mention high amount
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 10
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0 - Do you pay prescription fees when needed?
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - may be discounted by OR
Holiday................................. 60 - as above may be discounted by OR
Emergency fund.......................... 70 - What is the fund for? do you have to pay housing or car repairs?
Total monthly expenses.................. 830.33

[

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Hi Jane,

Have a look at the red comments..see what you think...it may be the OR would mention these points so if they are correct then have GOOD arguements for them to keep the amounts.

let me know what you think.

Dave

fermi

I assume from that SOA, that your sole income is from benefits?

Is that likely to remain the case throughout your bankruptcy?

If your sole source of income is from benefits throughout the bankruptcy, then the OR can't impose an IPA/O whatever your expenses are.

However, can you confirm how many of you there are in the household?

Jane21_3

Hi Dave,

Thanks for all your help...

The phone is phonecalls, line rental and internet on contract till Oct.

Groceries are for 2 adults and 1 toddler. This includes nappies, wipes etc and vitamins etc.

We don't pay prescription charges at the mo, Thank God the amount we need to get!!

Clothes and shoes - 2 adults, 1 LO who needs new shoes every 8 weeks at the moment at £24-26 a go.

The emergency fund is high, I agree but we don't have any wardrobes at the minute, I am also going to have to buy a bed for my LO soon as is growing out of cot and I have budgeted for that here, I hope that is ok.

Jane21_3

fermi wrote: »

I assume from that SOA, that your sole income is from benefits?

Is that likely to remain the case throughout your bankruptcy?

If your sole source of income is from benefits throughout the bankruptcy, then the OR can't impose an IPA/O whatever your expenses are.

However, can you confirm how many of you there are in the household?

Yes that's right, unfortunately benefits at the mo. My OH is long term disabled so unlikely to change v. soon.

Households = 2 adults, 1 toddler,

Toon_Dave

Thanks Jane. I appreciate you giving us the info.

I wasnt aware of the situation with benefits and IPA/O but as fermi has posted if benefits are the only income then you'll never have to pay one...which is good news for you on that score...so no need to worry about the bed etc.

Dave.

fermi

Well, although it may not matter a lot if there isn't going to be any earned income, I would say groceries isn't too high and clothing is too low. You might be able to just about double the clothing.

Other things an examiner may disallow if they were going for an IPA, but if that isn't relevant then.........

Jane21_3

fermi wrote: »

Well, although it may not matter a lot if there isn't going to be any earned income, I would say groceries isn't too high and clothing is too low. You might be able to just about double the clothing.

Other things an examiner may disallow if they were going for an IPA, but if that isn't relevant then.........

So, you reckon they'd allow £100 for clothing. Is there EVER any argument with OR or is it 100% 'You're on benefits, no IPA?' Thanks. ps, the benefits are Incapacity, child benefit and Child Tax Credit.

Toon_Dave

Thanks for the info on this fermi, Doesnt apply to me but nice to know for future ref to help others.

So anyone on benefits as main or sole income would never get an IPA or IPO??

Do i have that correct for future posts?

Cheers, Dave.

fermi

Jane21 wrote: »

So, you reckon they'd allow £100 for clothing. Is there EVER any argument with OR or is it 100% 'You're on benefits, no IPA?' Thanks. ps, the benefits are Incapacity, child benefit and Child Tax Credit.

Roughly, and only based upon what others have been allowed. I can say that £50 is definitely too low.

If an examiner thought that you had a lot of excess income when it is all benefits then they could ask you to make voluntary payments, but they wouldn't be able to make you.

Can't remember anyone here who's has ever been asked to do that though.

Back in a sec with info.................

fermi

OK. From the horses mouth (so to speak).

State benefits

An IPA should not be sought where the bankrupt's only or main source of income is state benefit payments without any other significant source of income [note 3]. This applies even in the rare circumstances where the official receiver's analysis of the bankrupt's income and expenditure discovers sufficient surplus for an IPA arising as a result of the income received by the bankrupt which either solely or chiefly comprises state benefits. The official receiver should consider that it is always open to the bankrupt who wishes to contribute, to make voluntary payments. If the bankrupt was minded to contribute on a voluntary basis, having been informed that their income appeared to be sufficient to produce a surplus taking in to account their reasonable domestic needs, a voluntary agreement could be incorporated into an IPA, but it would have to be clearly noted that no enforcement action would be taken if the bankrupt failed to make agreed voluntary repayments.

Condensed down, that says that they can ask nicely if they think you have a surplus. But if you say no, that's tough and they can't make you.