| T O P I C R E V I E W |
| jayne1984 |
Posted - 14 July 2008 : 16:10:20
Hello,
I have recently been declared bankrupt with £35,000 worth of debt after closing down my business.
I was self employed for 4 years and in that time had no wages. As I have closed down the business I am unemployed (although I am actively looking for work).
Currently I have no income (I am not entitled to Job Seekers Allowance) and I do not own my own property or have any dependants. I have a class 2 NI exemption certificate – which means I was not earning enough to pay any NI which means I don’t qualify for Contributions based JSA and I live with my partner and his wages are put us over the threshold of qualifying for Income based JSA.
My monthly out goings are £613.20. What will the OR do about taking money from me now? or when I get a job? I have estimated my earnings at about 13,500 yearly before tax which works out at about £900 a month after tax which would leave £287 disposable income.
I have had no contact from the OR yet … how can I estimate how long I’ll be bankrupt for?
Regards Jayne
|
| 8 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 14 July 2008 : 16:52:11
Hi Jayne,
Unfortunately not. Otherwise, the Insolvency Service will be swamped with lots of people who (strangely enough) have exactly the same monthly outgoings. The key here is to be open and honest, because if you tell the OR you can eat for £20 a month, that's exactly what they'll expect you to do!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Suzanne |
Posted - 14 July 2008 : 16:50:51
It would be best not to rely on guidelines but to actually put down what you spend. Go through your bank accounts checking for direct debits etc.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| jayne1984 |
Posted - 14 July 2008 : 16:49:14
thanks is there a guideline or a list of accepted expenses and amounts that are deemed reasonable? thanks |
| JulianDonnelly |
Posted - 14 July 2008 : 16:46:55
Hi Jayne,
I agree with Suzanne. The key is when filling out your SOA not to forget anything ... it may sound silly, but you'll be amazed how many people forget about some of their outgoings!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| jayne1984 |
Posted - 14 July 2008 : 16:45:32
thanks for the reply. are there any guide lines as to what your monthly expenses could be?
thanks |
| Suzanne |
Posted - 14 July 2008 : 16:43:50
Probably about £150 per month. It is based on 50-70% of surplus. Make sure you include all your expenses such as dental, optician, holiday, maintenance, insurances etc.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| jayne1984 |
Posted - 14 July 2008 : 16:41:06
Thanks for your reply. If my income was £900 per month with outgoings of £600 how much do you think they are likly to take from me?
thanks jayne |
| Suzanne |
Posted - 14 July 2008 : 16:28:16
Jayne
If you have no job you have no income and so you cannot pay an IPA. If you get a job before you are discharged you should notify the OR and they will look at your income and expenditure again.
In the mean time you are unable to pay anything. When the OR contacts you they will send you a booklet to fill in where you are asked to provide details of your income and expenditure. They will then go through this with you at interview.
They will take no money from you if you are not earning any.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
