What we did, both me and hubby was to put everything down. That way there is nothing left off, the OR will tell you what will or not allowed. Here's a link for a guideline of what can be included, http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=7238
You can put down anything you spend money on. It doesn't mean they will allow it, but if you don't ask you won't get. The OR will even allow holiday savings! Go through all your direct debits and standing orders to make sure you don't miss anything.
Allowances for expenditure in BR are far more reasonable and realistic than in an IVA. I would suggest being totally honest and the OR will discuss anything they have an issue with.
I understand that we may be able to keep our cars if they are essential for work and under a certain value. We have 2 cars but both are registered in my name. If I were to register the car that my partner uses for work in his name before we go bankrupt, would this be seen a unlawful by the OR? Or should I just wait and explain the situation the the OR when we go bankrupt? Many thanks
You just need to explain that although both cars are registered in your name that you only own the one and your partner owns and uses the other. It is not uncommon for one person to register both vehicles as sometimes insurance etc can be cheaper for one than the other.
The key here is that the registered keeper is not necessarily the legal owner. As long as they are worth less than £2500 each and you can argue you need them for work, the OR should deem them as exempt assets.
advice on what is allowable for personal br ?
Posted - 04 July 2008 : 14:22:40
