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Hi all, me and my hubby are going bankrupt next week - would someone please have a look at our income/expenditure and let me know if it will be ok? Do I need to put my housing and council tax benefits down separately then increase my rent and CT payments? Thanks
Your Income Amount
Your take home pay £580
Your partner's take home pay
Rent/board received
Pension received
Any other income received
Income Support
Jobseekers Allowance
Your Income Amount
Incapacity Benefit
Disability Living Allowance
Working Tax Credit £22
Child Benefit £143
Child Tax Credit £416
Child Support
Total income £1,161
Additional information Comment
No of adults 2
Dependants 2
Totals Amount
Total income £1,161
Total expenses £1,160
Surplus (Deficit) £1
Housing Amount Comment
Rent £31 (remainder paid by housing benefit) mortgage
Secured loans/2nd mortgage
Mortgage endowment premium
Service charge/ground rent
Water £30
Council tax £9 (remainder paid by CT benefit)
Gas £40
Electricity £45
Other household fuel
Household services
Building and contents insurance £9
Telephone, mobile & internet £63
TV licence £12
Satellite £20
Repairs and maintenance
Household appliance rental
Child maintenance
Childcare
Fines, CCJs, Decrees £1 Life Insurance/pensions
Medical/accident insurance
Hire purchase
Transport
Vehicle spares and servicing £10
Road tax £17 motor insurance £30
Vehicle Breakdown Cover £10
Fuel & parking £108
Public Transport
Food & housekeeping
Food, toiletries, cleaning £470
School meals/meals at work £80
Pets, pet food/insurance £25
Tobacco £
Thanks for your replies. The car is worth £1700 and I use it to get to work and take the kids to school also my hubby is looking for a job so needs to use it too - do you think we will be allowed to keep it?
Should I redo my budget and increase the food or clothing to compensate for the sky tv, kids pocket money ect - do you think we would get a payment order?
Do not under any circumstances lie or try to hide anything from the OR.
You have nothing to gain, and everything to lose. If you cant have SKY TV for 12 months, so what, think of what you stand to gain by going BR.
You will find the Insolvency Service very understanding and non judgemental. They are only doing a job. They are also relatively generous towards your expenses.
They can also cause you great distress if they find out you lied to them.
Its very unlikely you will get a payment order. Im on £50k a year, and i didnt get one. You will be allowed to keep the car as well.
Please be honest with them. They are your friends, not your enemy.
Hi Shadow
I would leave out the sky tv
I never mentioned that I had Sky, ( They were not a creditor)
I would up your household stuff that seems a bit low for a family of four,
Also include about £20 for a domestic break( can not call it a holiday)
I over estimated electric - Oil (in my case) as you do not know what the increases are going to be
And I would up clothing a bit,
Hair dressing up to 4X £8= £32
Do you get free Dental?
Just Juggle the figures a bit and you will be OK
I went through this over a year ago,
I only saw the OR at the meetings in there offices, as far as I am aware they did not check up
If you partner is working then they will take this income into account
If your other half is going BR as well dont forget you cant claim the amounts twice.
What about the opticians, if you have glasses and need to change them remember there is a charge just cost me £300 for a pair and they're not all singing all dancing ones.
Food seems a bit low I'd increase that a bit. I don't spend that much less than you and there's only two of us and we don't live like lords.
I'd increase the insurance some as well I pay a fair bit more for buildings and contents.
As Leakie said I'd up the gas/electric remember it does go up all the time.
I'd also up the clothing allowance a bit as well doesn't seem a lot for 4.
Don't worry about the school trips they know kids don't like to be left out.
Never hide anything from the OR, son went BR over 12 months ago and he only ever met the OR once and he had a lot of debt.
DG
I have no legal training my knowledge comes from my personal life experiences
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Thanks for all the advice Im busy filling in the forms on-line and a bit stuck on a couple of things - any ideas?
Im doing hubbys first and have listed his debts - some of these are in both our names, do I need to write joint debt or half the amount he owes?
His credit card accounts were all transferred to DCA do I put the DCA in the creditor box or who we originally owed the debt to?
On the creditor type will it be enforcement agency?
My hubby is not working at the moment and not claiming any benefits - we had a benefit check up and were told we would be better off claiming in my name as I work part-time rather than him having to sign on ect. So the only thing he gets in his name is WTC which is paid into my account, do I need to say yes he gets benefits and put the details in even tho they are in my name or should I put the amount in other members household contribution along with my wages?
We live in a council house and though I am listed as living here the tenancy is in my wifes name and as she recieves the housing benefit, she pays the rent which section do I need to fill in?
you put the full amount on bothe SOA's as you are both fully liable for the whole debt.
If the DCA bought the debt you put the DCA, if they are just collecting on behalf of the lender you put the original lender down, as for the type put what the original type was so that the OR can see how the debt was incurred.
as for the income, not going to really matter if you are both going bankrupt.
if you are not on the tenancy agreement you do not need to put it down at all on yur forms she should put the tenancy agreement down in section 8.2
Ive finally filled in all the forms - it has taken me all weekend!
I am going to try and apply for the court fee remission but not sure which grounds to claim them on. Hubby no longer works but does not get any benefits, I work part-time and claim them in my name. Where it has claims on grounds of annual income he was working until the end of Jan, would I need to put this down on the forms as it shows on my tax credit award??
Going Bankrupt does my budget look ok?
£9
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Re: Going Bankrupt does my budget look ok?
