Help with SOA?

[mummytotwo]

Re: Help with SOA?

We will also have the mortgage shortfall debt as explained in above post (was being very blonde when I first posted my SOA) so total debts after 2007 will be £55K approx.........still very significant and we will never be able to pay it back . What would you recommend?

[Pixie]

Re: Help with SOA?

Obviously the posts have crossed over!

[mummytotwo]

Re: Help with SOA?

Ooops, posts crossed! Thank you Niddy for confirming that BR is the way forward.....a fresh start would be brilliant! Are you able to shed any more light on my question in the OP about inheritance?

[Never-In-Doubt]

Re: Help with SOA?

I would ask rizzle as he answered this elsewhere - he'll know more about this

Edit I'll pm him for you.

Are you due an inheritance or is it speculation and could you get it paid to kids or close relative

[mummytotwo]

Re: Help with SOA?

Thankyou x. My father has stage 4 melanoma and is considered terminal. Was diagnosed 2 years ago and then given 12 months to live . However he seems to be a medical miracle at the moment and is still fit and well, allbeit with terminal cancer. Although it is very likely that he will survive for the next 12 months based on his current condition, it is difficult to predict any further ahead and he wants to know whether he should amend his will 'just in case' and is concerned that if he does it after my BR date it would appear dodgy!

[Riz]

Re: Help with SOA?

I also have a question about inheritance........if we were to have an IPA and we inherited some money would we have to give it all to the OR? Does it make a difference whether we were discharged or undischarged?

OK. Have to separate out the issues of what happens to the inheritance an as asset and what happens to any income you might get from it afterwards.

The asset.

e.g the property, cash or whatever.

The date that the person passes away determines whether it can be claimed by the trustee of the bankruptcy. If the person leaving the inheritance passes away before you are discharged, then the inheritance becomes an asset in the bankruptcy that they can claim. Even if you don't receive it until after you are discharged.

If the person passes away after you are discharged, then the trustee has no claim on the asset. Can't touch it.

So it may be wise to have any will temporarily changed until you are discharged.

An IPA can only claim income, and the capital of any inheritance doesn’t count. So the asset itself can never be claimed under an IPA, even after discharge.

The income.

The IPA comes into play if you use what you inherit to derive an actual income to live from.

That may be living off the capital. e.g giving up work and supplementing your income with the inheritance.

Or it may be income from investing the inheritance, or rent from renting out any property.

That then counts as "income" as far as an IPA is concerned, so could in theory be claimed in whole or in part while the IPA is in place, discharged or not.

[mummytotwo]

Re: Help with SOA?

OK. Have to separate out the issues of what happens to the inheritance an as asset and what happens to any income you might get from it afterwards.

The asset.

e.g the property, cash or whatever.

The date that the person passes away determines whether it can be claimed by the trustee of the bankruptcy. If the person leaving the inheritance passes away before you are discharged, then the inheritance becomes an asset in the bankruptcy that they can claim. Even if you don't receive it until after you are discharged.

If the person passes away after you are discharged, then the trustee has no claim on the asset. Can't touch it.

So it may be wise to have any will temporarily changed until you are discharged.

An IPA can only claim income, and the capital of any inheritance doesn’t count. So the asset itself can never be claimed under an IPA, even after discharge.

The income.

The IPA comes into play if you use what you inherit to derive an actual income to live from.

That may be living off the capital. e.g giving up work and supplementing your income with the inheritance.

Or it may be income from investing the inheritance, or rent from renting out any property.

That then counts as "income" as far as an IPA is concerned, so could in theory be claimed in whole or in part while the IPA is in place, discharged or not.

You are a star thank you . This forum is fantastic, I was recommended to use it from a user on another larger well known money saving forum and am sooo glad that I found you all!! Although I do recognise a few names

[IF]

Re: Help with SOA?

Hi mummytotwo and Welcome to the BR board, may I ask which Debt charity is helping you?

IF...x

[Never-In-Doubt]

Re: Help with SOA?

Glad you like it!

Don't run away now! Keep us updated and stay and chat in the fun threads - it's not all debt you know

[mummytotwo]

Re: Help with SOA?

Hi mummytotwo and Welcome to the BR board, may I ask which Debt charity is helping you?

IF...x

We have been clients of CAB for the last 18 months, but our debt advisor's position was made redundant a few months ago . She was fantastic and agreed that ultimately BR was our only option. She just wanted to make sure that we sorted our living arrangements out etc.
Now that she has gone, I have spoken to National Debtline who alsi recommended BR but were a bit vague when it came to answering my specific queries.

[mummytotwo]

Re: Help with SOA?

Glad you like it!

Don't run away now! Keep us updated and stay and chat in the fun threads - it's not all debt you know

Will do......x I'm sure as my BR date gets nearer March 13th, I will be posting with more last minute questions!

[IF]

Re: Help with SOA?

We have been clients of CAB for the last 18 months, but our debt advisor's position was made redundant a few months ago . She was fantastic and agreed that ultimately BR was our only option. She just wanted to make sure that we sorted our living arrangements out etc.
Now that she has gone, I have spoken to National Debtline who alsi recommended BR but were a bit vague when it came to answering my specific queries.

Oh thats annoying when you have a good advisor but you now have all of us and we'll help you all the way

Do have a look here too ------ > ~ Look here first - Bankruptcy Help ~ - allaboutFORUMS

[mummytotwo]

Re: Help with SOA?

I have a further query about our SOA's. When we submit them, can they be exactly the same, just changing the initial income amounts. i.e on my SOA putting my income as the £438 benefits and my husbands contribution as his full salary £1580 and vice versa? Then putting all our expenses as exactly the same. Or should I be working out what % of total income we each contribute and adjust expenditure accordingly? Keep receiving conflicting advice about this!

As an aside, should I put down what my monthly benefit amount is as opposed to the 4 weekly amounts (which is less) that I actually receive?

Thank you in advance again

[IF]

Re: Help with SOA?

Hi MTT, I'm carp at SOA's but found this and hope it will help. Yes put monthly down on SOA.


Angie’s explanation of how to fill in a couples SOA

We had a similair dilemma when we went BR with how to present our SOA.

All we did was put the same outgoings and the same income on each form.

On my SOA we put my income as 0 and then under question 6.6 'do you receive any other income ie benefits' I put down our child benefit and child tax credit. I put my husbands full wage as his contribution.

On husbands SOA we put down his full income and under question 6.7 we declared my contribution (child benefit and child tax credits)

So both our SOA's exactly mirrored each others in total income and total outgoings.

Had no problems this way

Also these links may help too with throse dreaded forms


Forms to print and fill in:-

• Debtor’s Petition (Form 6.27 (DOC, 45 Kb) ) and
• Statement of Affairs (Form 6.28 (DOC, 314 Kb) ).

Example completed forms and guidance notes:-

• Debtor's Bankruptcy Petition 6.27 Example (Thanks to NE Derbyshire CAB)
• You may find it helpful to look at the example of a completed Form 6.27 (DOC, 56 Kb) and the Guidance Notes for completing Form 6.28 (DOC, 73 Kb) .
• Statement of Affairs (Debtor’s Petition) 6.28 Example (Thanks to NE Derbyshire CAB)

IF...x

[mummytotwo]

Re: Help with SOA?

Thats great.......I actually already have this!! Hoped that I could do it this way, just that the majority of advice I've received has said that this is not how to do it and that we should be working out our own individual contributions. It all seemed so complicated, particularly when my only income is child benefit etc!
Thank you x