We are currently filling in the relevant forms ready to take to court to declare ourselves bankrupt.
However we are stuck on the household outgoings bit.
I had started putting 50% of all outgoings on my form but then realised that my income doesn’t cover 50% of the expenditure. Currently my partners income doesn’t cover 50% of the expenditure either as he is self employed and the last few months have been very quiet. Obviously over a 12 month period he has a larger average income, but based on the last three months his income is very poor.
Should we just split the expenditure 50/50 and leave it as that for the time being, and explain the situation further later?
Also, our property was repossessed last year and I personally have no other assets. How do secured loans get handled during and post bankruptcy?
enter the details of the secured loans in section 4 (unsecured) stating "possible shortfall" as the reason for debt. The shortfall between monies owed and the sale price of the property will then be written off.If you already know the exact shortfall figure enter it, if not just guess and enter "approx" in the same box. For the date enter "unknown".
Enter expenditure as household expenditure i.e. do not split it. Enter your income, any benefits, and your partner's income in "other contributions to the household".
It's ok if the expenditure figure is higher than the total household income.
More questions!
Posted - 24 January 2009 : 13:17:48
