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| T O P I C R E V I E W |
| Sharon53 |
Posted - 26 August 2008 : 23:46:51
Hi again with another question!
Can someone tell me how the income and expenditures have to be declared on the forms when only one person in a partnership is going BR?
Obviously as partners, my son and his fiancee have a joint income from which they try to live and pay the bills, so will he have to declare that income as a family, then list all the family expenditure, or will he have to try and work out what percentage of that expenditure comes from his wages, as he is the one going BR?
Hope you can understand this, it's not a very easy thing to explain.
Sharon.
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| 14 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 03 September 2008 : 11:25:13
Hi Sharon,
Given the fact he took out more loans whilst in an IVA, I believe he'll certainly get a BRO. As long as he's been making regular payments on the loans and can demonstrate he didn't take them out with no intention of paying them back, that should be the end of it.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Needafriend |
Posted - 02 September 2008 : 21:17:38
Hi Sharon,
Keep your chin up, he needs you to be strong and help guide him through. I know its not easy and he has made some very silly mistakes but as a parent we often find that we just have to be strong and show that we are when all we want to do really is cry for them and for ourselves. He needs you and you know that when you feel sad and want someone to talk to just post on here and we will be there for you.
Most of all Sharon ............
Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| Sharon53 |
Posted - 02 September 2008 : 21:09:32
Hi John
Thanks for your reply - It isn't exactly the amount of debt that is worrying me, but the fact that he has gone on to borrow more money even though he couldn't pay his IVA and was on the road to BR. Will this not be regarded as fraud by the OR and should he try to postpone the BR for a bit longer, or does it not make any difference?
Sharon |
| John |
Posted - 01 September 2008 : 23:44:29
Hi Sharon
your son is not going to end up in prison for any of the actions you have so far described.
As for the level of debt he is in being greater than you had been told, it really doesn't matter.
As Julian said in an earlier post the gambling may be an issue with the official receiver and your son may well get a BRU or BRO but they don't mean much.
Bankruptcy is bankruptcy and your son will be treated in exactly the same way for a £20K debt as he would for £100K debt. It's not the amount of debt that can cause us problems in bankruptcy it's more to do with how you acquired the debt.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Sharon53 |
Posted - 01 September 2008 : 19:55:52
I hope someone can answer this one because I am really stating to despair and feel like crying all the time. Just found out that son has still had loans even though his IVA was failing, as recently as end of June (he says how is he supposed to feed his family?)
What I want to know is HOW is it possible for him to still borrow when his financial situation is so bad? He assured me a year ago when I bailed him out of one loan that it couldn't happen again as he wouldn't be able to borrow any more and yet here we are again, it just seems to go from bad to worse.
Will this affect his going BR? I am terrified that he will end up in prison.
Desperate Sharon |
| BankruptC |
Posted - 30 August 2008 : 19:32:41
Hi Sharon,
Yes, basically a BRO would mean the restrictions you mentioned. Have a look on www.insolvency.gov.uk, then click on 'bankruptcy restriction search'. This will give you an idea of the things people are given BRU/BROs for and the length of the restrictions compared to the level of misconduct. I just randomly looked at one, in which the person in question received a BRO for 8 years, and he had gambling debts to the tune of £150000, so that should put things into perspective for you a little.
I hope you're bearing up ok-I know this is really hard for you. I hope the little one's keeping you all smiling and that your son knows what a diamond of a Mum he has!! 
Take care,
CG. x |
| Sharon53 |
Posted - 30 August 2008 : 19:13:30
Thanks Julian
Sorry to be ignorant, but what exactly is a BRO and what would it mean to be held under the restrictions of BR for that long? Would it be that he could not get a mortgage, loan, credit cards etc. for all that time?
He has voluntarily banned himself from the casino and local bookmakers and is willing to go to GA. I don't know the exact amount of his debt, but I believe it is in excess of 20K - what do you call significant? To me that seems a phenomenal amount, I find it hard to understand how he could have been so stupid, but as I said living at home,as he was then, is a totally different kettle of fish to having to support your own home and family in todays Britain.
Sharon |
| JulianDonnelly |
Posted - 29 August 2008 : 14:56:33
Hi Sharon,
Try not to worry. The main issue here will be gambling (depending on how much was lost). It is likely that if the gambling losses were significant, he'll get a BRO which will hold him under the restrictions of BR for anything up to 15 years (although automatic discharge will still happen at 12 months). It is also likely he'll be requested to attend gamblers anonymous.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Sharon53 |
Posted - 28 August 2008 : 22:14:51
Hi everyone
Thanks for your advice - it seems confusing, like most forms I expect. They don't allow for normal living, money comes in, rent, bills etc. are paid then they live on what is left!
It's impossible to say who pays what percentage. In practice his money goes to pay everything and they live on hers, plus child allowance and child tax credit. Incidentally, are these two classed as her income or joint, and do they go down on the form as income? I have noticed some people have said that they haven't listed child allowance, why not? Surely it is part of income.
I am struggling here, I have always been so careful with money and my son was brought up like that and indeed when he was younger he was sensible with money, so it was an awful shock to me to discover the amount of debt he had built up, mostly through gambling. Will the OR take a dim view of debts incurred by gambling? When he was living at home he could afford the repayments, but setting up his own home with rent and bills, and the arrival of a baby, with all the accompanying expenses have pushed him off the edge. He has no way to go now other than BR, but I wish it was over, it has been dragging on for so long and it is like a big black cloud over my head, every time he rings I dread what he is going to tell me.
I don't want to be a nagging Mum, but his attitude is a bit "head in the sand" and surely there is no point in putting it off once the crisis is reached is there?
He says he is waiting for his broadband to be connected so he can fill the forms online (he has just moved and they say it will take up to 15 days to connect!)
I keep trying to get him to look at this site, I am sure it would help - he says he will when online again.
Are there any other frantic parents out there?
Sharon |
| JulianDonnelly |
Posted - 27 August 2008 : 13:09:15
Hi Maizie,
Absolutely spot on! Best of luck with the OR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| maizie |
Posted - 27 August 2008 : 13:05:30
Im the only one that went bankrupt and I listed the HOUSEHOLD expenditure i.e. how much in total for the mortgage, bills, petrol etc. then added that up to give a TOTAL household expenditure. Then I put in how much my partner contributes out of that expenditure i.e. half of the mortgage, bills etc. in Question 6.7. Total household expenditure minus total in Question 6.7 should give the disposable income.
I hope this is correct because I went bankrupt on the 15th August, OR interview 18th September!!!
Maizie |
| JulianDonnelly |
Posted - 27 August 2008 : 13:01:14
Great advice as usual Ian. Keep up the good work!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Ian Richards |
Posted - 27 August 2008 : 08:46:18
Hi Sharon
Question 6.7 asks: How much do other members of your
household contribute each month to
the household expenses?
And Question 6.8 asks how much is the total income.
Just add the contributions from anyone that lives in the same house, but ONLY their contributions.
I hope this helps.
Ian
If you are in need of any further help or assistance, please contact me regarding my services via email. |
| Needafriend |
Posted - 27 August 2008 : 08:07:40
Hi Sharon,
Basically the one going br lists what they actually pay and then on the form it asks for other persons contribution you would list what the other contributes on that bit.
List what they actually help with, so if its a 50/50 split then list that but im not 100% sure if its only 1 person then, John or one of the other members may know that it goes down differently.
Your son is the main provider so he would list all his and if his partner only put £200 towards the mortgage then you only put £200 on the form from others income.
I dont know anymore but one of the others with more experience and knowledge of this will be along to help, I went BR with my hubby so it was a mirrored effect on the forms so to speak.
Thanks
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
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