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T O P I C R E V I E W
harry hat
Posted - 21 October 2009 : 12:33:55 I am new to this site. However I have a question that I hope an expert can help me with.
OR interview which I have been told should be by the 6th November. One of the key reason I filed for Bankruptcy is my wife who is a self Employed Training & Safety Consultant - her income has been cut my over 60%.
I when bankrupt with 60K of personal debts in my name only mainly credit cards and one loan. I earn £2750 net, my wife used to earn £2200 gross and used to contributing £1100 to the Household expenses.
Due to her business down turn and the situation not changing she is now earning between £500 -£900 she has about £340 of her own Financial commitments ( Tax allowance, NI - Creditor, Professional Trainer afflation members fee and Business insurance). Due to this she is only contributing between £160 and £400 into the household cost per month depend on her Monthly business.
How to I tackle this subject with the OR as I understand ‘fair share’ payments is 50% of Household expenses which for us is £1000 each and she is not even earning this amount. I cover the household expense but this left the a short fall when coming to pay my creditors hence declaring bankruptcy.
My question is how do I show that my wife can no longer contribute 50% of Household expenses and she is contributing the most see can even if it is up and down. Do I need to get my wife to give me her business bank statement for the last 6-12 month to prove this. Obviously the OR will want to make sure he is getting as much money as possible for a IPA - what I do not want to happen is being made to pay a IPA or IPO that I can not afford due to my wife contributions and then being unable to cover the household costs. What do I do any advise
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 21 October 2009 : 13:45:17 You don't have to prove to the OR that you wife cannot afford to contribute 50% of the household expenditure. The OR has control over your finances but not your wife's.
If you wife contributes different amounts each month depending upon her business then you should take a 3 month average and this will be her contribution. If the OR queries this just tell them that she only earns between £500 - £900 and has £340 of her own debts to pay.
Not every couple have two good incomes so a 50/50 split of the outgoings very rarely happens.
