SOA Posted - Going Bankrupt - Need Help

TesseractWorld · 10 October 2017 at 3:38PM

Hi there,

1 - Due to a change in circumstances with my girlfriend leaving me I will not have to take on all bills and cannot afford them so will be applying for Bankruptcy.

2 - Can someone please look at my SOA below and see what the examiner or OR would think, are my allowances in line to be accepted?

3 - Thanks in advance for any help you might be able to give me.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1750
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1750

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 272
Rent.................................... 695
Management charge (leasehold property).. 0
Council tax............................. 101
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 35
Telephone (land line)................... 45
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 250
Clothing................................ 50
Petrol/diesel........................... 200
Road tax................................ 18
Car Insurance........................... 82
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 50
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
Total monthly expenses.................. 1956

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 10500....(272)......0
Total secured & HP debts...... 10500.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card 1..................2500......125.......0
Credit Card 2..................1750......61........0
Credit Card 3..................1500......55........0
Link Parking...................771.......43........0
eBay...........................250.......10........0
Wescot Credit Service..........4000......20........0
Park Motor Finance.............4000......20........0
Littlewoods....................150.......20........0
Credit Card 5..................200.......6.........0
Credit Card 4..................1500......60........0
Total unsecured debts..........16621.....420.......-

Monthly Budget Summary
Total monthly income.................... 1,750
Expenses (including HP & secured debts). 1,956
Available for debt repayments........... -206
Monthly UNsecured debt repayments....... 420
Amount short for making debt repayments. -626

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -10,500
Total Unsecured debt.................... -16,621
Net Assets.............................. -27,121

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using other browser.

StopIt · 10 October 2017 at 3:50PM

While you look like you'll have no issues with declaring bankruptcy, there's one thing that you need to address to sort out the shortfall in your budget.

Considering you cannot afford it at all now, you need to hand the car back, and put any shortfall in the finance into the bankruptcy proceedings. You're currently spending £600 a month on your car alone. If you need one for work, you'll need to get a cheap one and run it into the ground while under BR, as you cannot service a £10k debt in bankruptcy as you're still be insolvent as per your SOA.

Robin9 · 10 October 2017 at 3:50PM

A few initial comments.

£250 for groceries for one person - £125 if you shop carefully
£30 for holiday - you can't have one
£50 for clothing - use whats in your wardrobe

You should be able to live on £1750 a month - it's 3 times my state pension

enthusiasticsaver · 10 October 2017 at 5:09PM

I don't think you can keep any car over the value of £1k in bankruptcy so I don't think they will agree to the £272 going to that.

luvchocolate · 10 October 2017 at 5:15PM

Robin9 wrote: »

A few initial comments.

£250 for groceries for one person - £125 if you shop carefully
£30 for holiday - you can't have one
£50 for clothing - use whats in your wardrobe

You should be able to live on £1750 a month - it's 3 times my state pension

Groceries are fine you can even go higher, you are allowed clothing and also a holiday.

luvchocolate · 10 October 2017 at 5:20PM

Check your agreement on the car its highly possible they will want that back.
You are allowed £1,000 to £1,500 on a car.
Your council tax for this tax year will go into the B.R so you will not be making those payments until April next year.

SOA Posted - Going Bankrupt - Need Help

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