Shall we go bankrupt?

skylight

Rosey321 wrote: »

Just a few more questions now!

It's now 22 days to the big day! We are both booked at 9.30 that day. As we are both going BR together, I'm just trying to get my head around what aspects of this will be dealt with separately and what parts will be done jointly. Obviously we need to put in our separate petitions, but the next few questions I'm unsure about:

1. Most of our debts are joint, do we only need to do one I&E form or one each, showing our separate incomes and debts? If one each, how do we show joint debts like loans etc, do we split in half for example? Could we do a joint one showing the whole picture and take a copy each? Put down each joint loan in full, on each form - they are not "split" as such. The I&E section on each form, would be best to list your income and the amount your OH contributes to the household and ALL bills on your form, and on OH the same but his income, what you contribute and ALL bills on the form. As you are going BR together the OR(s) will sort it out at their end. You are still legally separate people so need to do it separately but the OR will combine. Don't worry.

2. Would the OR then calculate one IPA to cover the both of us based on our joint I&E statements, or would it be two separate IPAs? It would be 2 separate IPAs based on individual incomes, but split over joint bills - again because you are still separate people in law. (ie if you earnt 500pm and OH 2000pm, then his IPA would be higher than yours; if you got one) IYSWIM??


3.Will the judge see us together or call us in one by one? Dont know. Depends on the judge on the day.

4.Will the OR want to interview us separately or will just one interview do? If so, will we both need to attend or will one person do (i assume if by phone, then one will have to be sufficient!) The OR will want to speak to you indiviually about your own personal life (ie, you may have spent all your money on a toyboy your OH doesn't know about!). But the OR will have discretion over how he/she handles it. You both need to make sure you talk in the plural we and ensure the OR is aware you are BR together.

5. Would we be likely to go hand in hand in the process, ie same discharge dates etc? No. Unlikely. Reading other forums, one person tends to get early discharge and the other full term. However, this all depends on circumstances.

6. Bearing in mind some of the posts above, I assume I should still list the secure loans as a current outgoing? I have cancelled the direct debits of all of them now so I guess I know they won't be outgoings anymore! I assume its the pre-BR I&E that I need to quote? No. Its not a outgoing now, is it?? If you are not going to pay the secured loan then it is not an outgoing.

7. A bit like question 6, should I list the mortgage? As of next Friday, we will be in our new rented property and therefore I have cancelled the mortgage direct debit. We will be handing the keys in to our owned house once BR. However, I guess I can't put mortgage and rent down as an outgoing??!? Again, no. You list the rent and associated costs with that instead. Have you checked out council tax bills for the new place? They may affect your I&E. And utility bills?? If your new place is electric only (econ 7) or prepayment meters, adjust your bills by 15% more.

In questions 6 & 7 the 'before BR' and 'after BR' figures are very different!

Any advice, gratefully received as always!

Hope that helps a little.

:T:T

skylight

To elaborate to 6 and 7. Your I&E at BR date will be the rent won't it? As you will have the keys by then and be paying rent and not mortgage.

Do you want to post your full I&E here and let the bods who know have a look? They can suggest bits you may have missed before you hand the forms in.

Rosey321

skylight wrote: »

(ie, you may have spent all your money on a toyboy your OH doesn't know about!).

:rotfl: Hee hee! As I'm the male portion of the marriage (despite my effeminate sounding ID), I think it would be more than just the OR that I would have explaining to do to!!!

LilyBart

Can I just say that - aside from the expensive rent-boy habit - I'm terribly impressed at how quick and business like you've been about all this! Awed. Really.
Lily (actually female, not man posing under confusingly feminine moniker, no toyboys)

Rosey321

LilyBart wrote: »

Can I just say that - aside from the expensive rent-boy habit - I'm terribly impressed at how quick and business like you've been about all this! Awed. Really.
Lily (actually female, not man posing under confusingly feminine moniker, no toyboys)

Hee hee - thank you. Actually, my wife's a bit worried that I'm getting obsessed. I am very focused on making sure that I have the facts straight in my head so that I can remove as much of the burden as possible from her shoulders.

Today, had a meeting with my boss to tell her my plans and ask if any implications. She said she personally couldn't care less - in fact, reassured me that her son's best friend and wife did it a while ago - and it was the best thing they ever did! She has e-mailed HR anyway to confirm but hopefully looks OK - nice to have that good support network at work!

Also, since last posting, we have received the tenancy agreement. Can't see any sign of a BR clause - not sure if any point mentioning the likelihood therefore? We are still going to pay the 6 months up front anyhow to justify the sale of the car!

So_Sad_Angel

Hi Mr Rosey,

Wow...so impressed by your organisational skills!! Sounds all well under control!! .

I too have recvd tenancy agreement ...(again no mention of BR ) but in my case he (OH) intends BR whereas I then get lumbered with the debt of the neg equity!! (I`m thinking - nice of him eh!!) I shall move out, pay as much of the mortgage as poss while we sell. If no sale I will go BR as have no option (but due to my profession I will have to leave job)...you are lucky to have such an understanding boss.

Do you have a calender & counting down the days? ...just wondered!!

Angexx

Rosey321

I am so counting down the days!!!!! How did you guess? 19 to go! :j

I never thought I would be willing on the day that I would go bankrupt but now I just want it over and done with, and look positively to a more worry-free life for all the family.

So_Sad_Angel

Rosey321 wrote: »

I am so counting down the days!!!!! How did you guess? 19 to go! :j

I.

Oh dear....you have a calender on the wall & cross off the days....go on admit it!!!:rotfl: :rotfl:

Rosey321

I do have a funny 'how many working days' thing in my head too - I will own up to that!! It makes it seem not so far away. As of this weekend, there will only be 9 working days to go due to the bank hols!

Ahhhh... light relief, eh??:laugh:

So_Sad_Angel

Sorry to sound frivolous sometimes but life is so short you have to deal with the problems & move on..but keep your humour throughout (I sometimes worry that people looking in here think that we joke about BR but really it`s a sense of humour keeps us sane ) ...I`m having a bad day today (can`t you tell) but hey...still breathing !!

Angex