| T O P I C R E V I E W |
| michael |
Posted - 04 January 2009 : 11:59:41
I am about to go bankrupt. I currently pay my wife 1200 per month out of my salary - we are living apart. Can the official receiver reduce or increase the amount that I pay her once i am made bankrupt.
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| 12 L A T E S T R E P L I E S (Newest First) |
| Jez |
Posted - 04 January 2009 : 18:06:44
Hi Michael,
I'm not sure on complete figures, I know there is a list that the OR uses on a document on the insolvency web site, but I'm not sure where it is.
I have seen a figure of £550 used for a family of 5, so I guess £610 f0r your family would be ok. Having said that, the £550 figure is out of date regarding the current financial climate causing an increase in food prices, so you may be able to argue for more.
Your biggest difficulty would be the fact that you are living away from home for your work and therefore your outgoings are higher then necessary.
I am not telling you what to do, but if my family life / marriage were in difficulty because I was living away from home, I would move home. Your family are more important than your job/money. Easy for an outsider to say, just my 2p.
Jez
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| michael |
Posted - 04 January 2009 : 17:28:29
With school runs, weird holidays for different schools, etc. we would end up paying more for childcare than she would earn.
Youngest leaves pre-school in august and starts full time primary school so maybe then wife may work but will only be minimum hours as once kids out of school child-care costs for four would be ludicrous.
What would be considered reasonable expenditure for me, wife and 4 kids. Have looked on loads of sites but there is nothing definitive - only very very loosely banded amounts eg for family like hours food per month ranges from 440 to 710. how do we find out what we would be able to spend |
| RHB |
Posted - 04 January 2009 : 17:11:24
Sorry, my fault for assuming that you were separated rather than working away. In that case, scrap all I said. If you can get a less well paid job, but live with your wife & children then you may well end up better off. Or could they move to where your job is? Paying for 2 households on an income of 1800 is always going to get you in debt.
Could your wife not work now that the children are at school? That might ease things financially too. |
| michael |
Posted - 04 January 2009 : 13:20:04
no would not have to lose job, my job would still be possible but would be difficult.
Not easy to find job that would give me this income locally.
What would be considered reasonable expenditure for a family my size? I have read so many fact-sheets, has loads of 'financial advisors' come to house to offer advice but really just wanted to sell me iva. Help, help, help
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| Jez |
Posted - 04 January 2009 : 13:14:39
Hi Michael,
As a parent, I fully understand the need to provide for your kids. You need to do what is right for you and your family.
If you move home, will you have to give up your job? That might be the best plan if you are going bankrupt anyway, living away to provide an income is clearly not working out.
Jez |
| michael |
Posted - 04 January 2009 : 13:09:33
i am working away from home at moment but financial strain is putting big problems in my marriage.
I have to do what ius best for my wife and kids. |
| Jez |
Posted - 04 January 2009 : 13:05:57
Hi Michael,
I don't wish to pry, but can I ask a question that may make a difference to what RHB is saying?
Are you separated from your wife, or are you living away from home temporarily, i.e. for work?
I am only asking because that would make the house your wife and kids live in, your primary home, in which case your payments may be more acceptable.
Jez
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| michael |
Posted - 04 January 2009 : 13:04:54
4 of my kids are primary school age.
I need to be able to provide as much as possible for my kids!!!!
Is it best to start living with my wife again? She lives in rented accomodation. I do as well.
How much of my income could go to my family then.
If I live with wife then bills would be roughly as follows
500 rent
130 gas and eklectric
90 community tax
30 water
650 food
50 clothing
15 tv licence
50 petrol
20 car tax
20 car maintenance
100 car payment - wife has car on 5 year loan thing
At moment i am getting into more and more debt each month.
What would be classed as reasonable income and expenditure for a husband, wife and four children in bANKRUPTCY
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| RHB |
Posted - 04 January 2009 : 12:58:34
As a rule of thumb, no more tha 1/3 of your net salary is expected to be paid to an ex wife & family if the courts were to impose a settlement on divorce. |
| RHB |
Posted - 04 January 2009 : 12:54:29
No way will that be acceptable I'm afraid. On 1800 take home pay you would be looking at paying 450 a month for your 4 children. Your wife needs then to claim Child tax credit & may be eligible for housing benefit. That would leave you with 1350 for your needs(rent, council tax, food etc). How many children are under school age? |
| michael |
Posted - 04 January 2009 : 12:45:56
I Pay for wife and our four children (all under 12) and the 1200 covers rent, rates, utilities, food, etc, She does not work as full time housewife. She also gets child benefit.
What is the 15% - is it 15% of my take home pay.
I earn 1800 per month so at moment i survive (badly) on 600 per month
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| RHB |
Posted - 04 January 2009 : 12:34:23
Is it court ordered? Is it for child maintenance? I think if it is seen to be excessive & no approved by the court they could argue that it should be reduced. CM is 15% for 1 child, 20% for 2 & 25% for 3 or more, based on your bet salary. Spousal maintenance is assesed on your ability to pay so that is the part you would need to reduce. |
