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| T O P I C R E V I E W |
| dannyboy30 |
Posted - 18 March 2009 : 20:52:10
Hi,
I am filing for bankruptcy next tuesday 24/3, just wanted to tell u all my situation and wondered what is likley to happen with me ??? also advise anyone could give me, so here goes ( gonna b a long post lol ). DEBTS consists of as follows:- joint mortgage= 122,000
joint secured loan= 30,800
credit card= 10,000
joint account= o/d £2,300
other unsecured debts= £1,500
12 months ago my then wife who i have 2 children with ended our marriage and told me to leave the marital home ( which i did ) which was mortgaged for £122,000 and a secured loan of £30,800 which combined was a monthly payment of £1,100 ( continued to pay this until aug 08 and ex moved out oct 08)then i decided to move in a 3 bed bungalow with my new girlfriend (sept 08) after 6 months with parents.
The house went up for sale in march last yr (168,950)within a couple of mths it was down to £149,000 (credit crunch), in oct 08 we had a offer of £134,00 which we accepted.
To cut a long story short the secured loan company refused to release the secure on the house as there would be a short fall on their loan which resulted in the sale falling through in feb 09 after alot of hard work from the solicetor to try and get the sale to complete,unfortunetly house went for repossesion march 5th 09.
In oct 08 last yr i contacted a iva company which sorted a plan out for £100 per month to repay any debts, surfised to say it failed as all but 2 creditors refused to except the payment plan.
Now i find the only option i have is to declare myself bankrupt as i have no way of paying the debts back.
My situation now is that im still living with my grilfriend and she is 6months pregnant, she was a full time student but deferred for a yr to have baby and will return to being a student in january 2010 so she is not earning, but hopefully she can claim materity allowance of £112.00 per month.Really im the sole income for us and i earn good money (£2000 per month take home) Our expenditure is as follows and is for me and my girlfreind.
Rent : £575.00
child maintaince : £300.00
council tax : £106.00
gas+elec : £70.00
water : £37.00
tv licence : £12.00
house insurance : £10.00
car insurance : £26.00
mobile phone : £45.00
internet :15.00 (will this be allowed)
car tax : £11.00
precriptions : £7.00
clothing : £110.00 (will this be allowed)
moderate holiday : £70 (will this be allowed)
hair cut : £20
housekeeping £360.00
petrol : £150.00
TOTAL : £1924
This is a pretty accurate assessment of our outgoings, i also have my 2 children from marriage 2/3 days a week do they make allowances for this ?? and also will they make allowences for the new arrival on or around 5th june as he will need plenty of new clothes, nappies etc.
Im under no ullusions that i will probibly have to do an IPA (how much ???) and im going to find it tough for quite a while especially with a new baby.
How long after bankruptcy hearing do you have interview with OR ??? and if im put in an IPA when does that start ????
Sorry for long post but needed to give as much detail as poss so people can give me any feed back.
thanks danny
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| 5 L A T E S T R E P L I E S (Newest First) |
| jwmc77 |
Posted - 18 March 2009 : 22:59:01
i think what john is implying is that you need to try and claim for everything you can, and yes if your girlfriend is reliant on you then everything she needs has to come from you so should be included in your i+e. monitor this site and you will see examples of other peoples i+e, as john says, you have missed off a few things....just make sure you get down everything you can.
MAC |
| dannyboy30 |
Posted - 18 March 2009 : 22:20:25
hi John,
Thanks for the info, everything helps as i've not been through this before. yes it is contents insurance sorry,and the clothing is just me, girlfriend and could include the new baby, the domestic break does includes my 2 children.
many thanks again
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| dannyboy30 |
Posted - 18 March 2009 : 22:01:34
thanks jwmc77 for reply,
i hope they allow mobile as i dont have a house phone and need contact for my 2 children, with the other stuff, i have based the clothing on 2 adults as is the holiday which includes taking my 2 kids aswell, my petrol is high aswell because my ex never does any journeys for the kids, i work continentals so have my kids on school days aswell as weekends, school days involves four 6/7 mile trips each day because my son is full time school and daughter is pre-school for only 2 1/4 hrs a day.
As my girlfriend depends on me will they allow her the hair cut, clothing etc out of my I&E ????? |
| John |
Posted - 18 March 2009 : 21:47:59
Hi
Gas and electric seems low for a 3 bed property.
£110 might be nearer the average.
Should house insurance read contents insurance as you don't own it?
Up the mobile, in the absence of a landline phone, to £55 but you can't claim the internet.
Clothing should be around £30 per person so does this include your 2 children?
Domestic break is about right but again only if you intend to take your children.
You have not included meals at work for you at around £50.
You have not included dry cleaning at £10.
Do you have any pets?
Pet food is claimable and so is pet insurance if it can be evidenced.
You have not included vehicle servicing or repair at £40.
Assuming your 2 children stay over with you for those 2 or 3 days a week and therefore you incur food costs etc the housekeeping should be nearer £425.
Clearly this will increase in June and this detail should be noted in section 13 of your SoA for additional information and would mean your housekeeping expense rising by a futher £60 or so.
In my opinion an IPA is far from definite.
They start at £50 for 36 months so it's important to get this right as there is a minimum £1800 involved.
Your interview is usually 1 to 3 weeks but depends on the OR's workload in your area.
You can have an IPA proposed anytime before your discharge. The OR is in no rush on this score as they run for 3 years from the start date and not from your date of bankruptcy.
John White
England Jackman & Spacey |
| jwmc77 |
Posted - 18 March 2009 : 21:40:30
hi, looking at your i+e, id say its going to be close as to whether you get an ipa or not.....mobile phone and internet wont be allowed although you will be allowed around £50 for "phone"
petrol, clothing and holiday are all a little high in my opinion (unless you have good reason for using so much petrol)...also, bare in mind that there are set guidelines as to what you give your ex (maintanence) not sure what they are but this is the figure the or will use! to avoid an ipa your outgoings need to be at the same level as your incomings....if you hand in your paperwork ond there is £50 a month left over the or will more than likely shave other outgoings in order to impose an ipa (or can take a minimum of 50% of anything over £99 left over after outgoings!)
MAC |
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