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Bear
Junior Member
183 Posts |
 Posted - 23 May 2008 : 19:13:02
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Hello all,
I'm a bit confused and would like a bit of advice!
I'll try and keep the story simple (like me)!
My wife and I owned a pub as a partnership and went bankrupt on 25th Jan. Although our money was used by both of us, some debts were in my name, some in hers and some in both. Our cases were heard separately and we got separate numbers...
Today I logged onto the insolvency service website and found that I was listed twice, once as myself, and once linked onto my wife's number. Apparently I have been "consolidated" onto my wife's number. My number will be removed from the register.
Ok so far??!!
I would like to know:
1. Is this a good sign for early discharge?
2. We are currently on benefits so don't have IPAs, but I've just got a job and it will start in June so I may get an IPA -will this mean that my wife will get one as well, now that it is linked...
Thanks for the help! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 May 2008 : 21:06:35
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Hi Bear,
You cases have been linked together as much of the information will be the same.
As for the IPA this will be based on your joint income and expenditure so will be one payment listed as coming from you jointly, that is if you get one of course.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Bear
Junior Member
183 Posts |
Posted - 23 May 2008 : 21:17:30
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Thanks Julian,
This is potentially really bad news for us. We were hoping that my wife wouldn't have to work until discharge and then earn as normal after that.
Do we have any recourse on this, can we get the cases split, or what if I get an ipa now, and my wife has no income (except benefits), until post discharge and then earns, will this amount be judged as an ipa?
Thanks |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 May 2008 : 21:59:12
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Hi Bear,
Do you know what your income is going when you start your new job in June?
If so have you established your expenditure against this income and calculated your potential disposable income?
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Bear
Junior Member
183 Posts |
Posted - 23 May 2008 : 23:05:19
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Hi,
Regarding my income and expenditure I have had a look and listed it below. I would appreciate your opinion on this.
We are a family of 4, (two young school aged children), I will have a job and my wife is retraining to be a teacher. We have had our cars exempted.
Rent 750
Housekeeping 520
Gas & elec 137
Water 37
BT 63.00
Council Tax 110
TV licence 12
Contents ins 10
Sky 21 (can't get signal for normal TV)
Mobile 26
Dry cleaning 10
Childrens activities 35
School meanls 30
Clothes 70
Holiday 70
Hairdresser 26
Car Insurance 50
Car Tax 15
Petrol 150
Car Maint 20
Car MOT 5
RAC 10
Gifts 20
Wifes bills
Mobile 26
Petrol 90
Car Tax 15
Car Insu 20
Car Main 20
Car MOT 5
Total Bills 2373
Income
Wages 2095 (net)
Child Tx Credit 40
Child benefit 125
Total 2260
Falling short by 113.00
Obviously lots of these figures can be argued...
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melanie_giles
Senior Member
1191 Posts |
Posted - 24 May 2008 : 00:56:00
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Sorry I don't agree with Julian here. You have separate estates and should not be paying a linked payment. I would say there has been an error at the Insolvency Service and would take this up with the OR dealing. It sounds to me as if you are being treated as a partnership, and that is dealt with under separate law.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Bear
Junior Member
183 Posts |
Posted - 24 May 2008 : 01:22:42
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Hi Melanie,
we were a partnership, but filed for bankruptcy separately... this is quite an awkward situation now as I'm supposed to be starting a job on 2nd June!! If I get an IPA and my wife then gets a job any time in the next 3 years (if Julian is right), it would cost us 900 pcm- that is enough to really get us back on track. If he is right then i should not take up my job and just wait for discharge.
I'm a bit reticent about talking to the OR about this as they may think that we are not cooperating and trying to avoid an IPA.
Thanks
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 24 May 2008 : 09:55:33
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Hi Bear
An IPA is worked out on the disposable income of your household.
So with the figures you have listed and no disposable income with your new job I can't see that you would get an IPA.
If your wife worked and added to the income it would create more disposable income and you possibly would get an IPA.
Experts - have I understood that right???
Vicki x |
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Bear
Junior Member
183 Posts |
Posted - 24 May 2008 : 10:05:03
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Thanks Vicki,
That's how I see it as well, BUT are my expenditure fiures reasonable / likely to be accepted by the OR? I would appreciate some feedback on this...
I suppose the big question is "Is Julian right, or Melanie right", maybe the experts could give their opinion?
Thanks
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 24 May 2008 : 10:19:25
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Sure one of the other will be along soon to answer you!
I have just gone BR and after I had deducted all items of expenditure that were my husbands I was left with a figure he contributed. That plus my income is our total household income.
If your wife gets a job naturally your household income shoots up.
No matter who is BR in a household you still have the same amount of income and disposable income I would have thought.
Over to the BR experts....
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 24 May 2008 : 11:25:23
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Hi Bear,
I understood this was being treated as a Partnership, however as Melanie says this should be treated differently, therefore as you have both declared Bankruptcy separately then you should be treated separately.
However I looked at your income and expenditure and think this is reasonable and have little to worry about in the way Of an IPA.
With your wife’s small contribution towards the bills if you were to incur an IPA it would more than likely be set against you so that would leave your wife free to look for work upon discharge.
Vicki you were correct in that the IPA is calculated from disposable income, therefore no disposable income no IPA/IPO.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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when two become one (consolidation)
