bankruptcy and living expenses?

mask_3

Can anyone who has needed to go bankrupt please give me specific information on how much the official receiver allows as living expenses?

Will my wife's income be taken into account at any stage (debts were all down to me and not in her name)?

Thanks

1313

Need more information.

Have you got:-
Mortgage?
LiFe Assurance?
Pension?
High Value Car?

These can all come into the equation. It would be worth you doing a detailed income/expenditure. I am sure if you post it all here more advice will come your way.

mask_3

mortgage is in wife's name and all mortgage payments have always been paid only by her

not making any pension or life assurance payments

car is valued at approximately £10,000

my monthly income is £1700 debts currently several thousand pounds all unsecured

1313

The car would be a problem if not a tool of the trade, is this also part of the debt.
O/R will not take tools of the trade.
Dishwasher can be classed as a luxury rather than essential.
What are your monthly outgoings totalling not including your debt payments?
eg
TV Licence
Rent
Water Rates
Council Tax
Clothing
Childrens Clothes
Fags
Satelite
Gas
Elec
Food
Telephone
Car Tax
Car Ins
Car Fuel
Servicing
And the list goes on and on. But it is very important that you list everything, so you can see what is left. And no you can not write off a shed load cause you smoke 1,000 a day!!!

Increase in wages or windfall during Bankruptcy term can also be taken.


Also take a look at this site, might help http://www.insolvencyhelpline.co.uk/bankruptcy/bankruptcy-explained.htm

mask_3

what I am looking for is actual numbers that the official receiver allows and also most importantly if my wife's income and the home would be at risk

1313

I think you will find it varies from O/R to O/R. Put it this way the less on offer the less to loose.

Home and her income should not be affected, providing it is all hers. Mmmmmmm thinking about this, if you were to divorce you would be entitled to a share. So does this similar scenario come into the equation for B? I know someone who went B and the partner did not come into the equation. But that is not real proof is it!!

I think the only real way to find out is seek legal advice. Pay now to save a shedload later.

mask_3

so does the official receiver really give an allowance for cigs and satellite???

if ANYONE has actual figures of what they have been allowed it would be really appreciated

1313

Just doing a rough calculation 1700 notes a month and if your not paying the mortgage, that leaves you £440 a month after expenses (inc 1 child). That is a lot for the OR to get hold of. Yes if you smoke it can go into the pot, also sat. But like I said it can differ from area to area. There is no allowance as such. You are allowed enough to live on. They will want a presice breakdown of outgoings, so that is approx £440 you could be giving to the OR each month.

mask_3

you say "that leaves you £440 a month after expenses (inc 1 child)" I would be grateful if you could show me what figures you actually used to get this amount, thanks

pug_in_a_bed

My advice would be to work out roughly what you are spending on each item/expense now. Be really honest with yourself and consider if its too much. If you think its right, then put it down on your form. In my case, the receiver actually adjusted the ammounts I put down as he did not think I had put enough. If the OR thinks you have been too generous or too short they will make you aware of this. I think sky needs to go. Its a luxury, and I think the OR will see it as such - remember your living costs cover what is necessary pretty much - food, clothes, household etc, although you can include money for leisure.

To my knowledge there aren't any 'actual' figures because everyone has different circumstances. Really, don't get too wound up over this - just be really honest and you'll be fine. Unlikely the OR will take your car, they do understand that people need to live, and may need the car, esp. if you have a child, or to get to work. However, you may be looking at a downgrade if its a particularly expensive car. The OR is only really interested in your belongings if you have huge expensive tvs, a ridiculous car and so on.

Don't fret too much, honestly. In fact, if you're really honest with yourself the whole way through and with the OR, you'll have no problems.

mask_3

OK, it's Monday. Anyone with actual bankruptcy expereince able to provide "real" figures for me?