Going Bankrupt does my budget look ok?

[Shadow4]

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 £

Misc. goods & services

School trips/activities £10

Medicines/prescriptions

Dentist/opticians

Hairdressing £24

Union/professional fees

Laundry/dry cleaning £5

Education fees

Personal & leisure

Clothing & footwear £52

Newspapers/magazines £4

Sports, hobbies, entertainment £20

Children's pocket money £20

Church/charity donations

Sundries/emergencies/other costs

Sundries/emergencies £15

Loan from family/friend

Total expenses £1,160

[loobyloo85]

Yes, I think that looks fine in my opinion. It is very reasonable.

[PGH7447]

they may quibble about

 

satellite TV

school trips

magazines

childrens pocket money

 

is the car an asset and is it need for work?

[Shadow4]

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?

[PGH7447]

yes to both, dont give em an ammo to use against you

[Shadow4]

thanks - gonna redo my budget now - will the OR not find out we have sky tv and internet?

[PGH7447]

is he going to visit? or will he ask for bills, if he does leave them on but state they are for education purposes for your children

[Dodgy Geezer]

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.

 

Best Wishes.

[Leakie]

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

 

All the best

 

Leakie

[diamondgirl]

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

[Shadow4]

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?

 

Please help if u can my head is done in x

[debtinfo]

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

 

hope that helps

[Shadow4]

Thanks you've helped me a lot

[Shadow4]

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??