How to do a SOA for bankruptcy?

noluckjohn · Joined: 02 Jan 2007 Posts: 1

Good Afternoon,

Happy New Year to all, I would be very grateful if you could answer my question,

When I do my "soa" do I have to do a household budget for the month of what goes in the bank for my wife and myself, as im the one who might declare bankruptcy, not her?

Look forward to your advice

John

Andrew · Posted: Wed Jan 10, 2007 2:21 pm Post subject: Bankruptcy SoA

To start the bankruptcy ball rolling you’ll only need to fill out a Statement of Affairs (SoA) which will only ask you what you owe (and to whom), what assets you have how much you earn and where your money goes. Information about your wife’s situation will not at this time, be required. You can start the process online using this link https://www.insolvencydirect.gov.uk/isolv.

Later on in the process the Official Receiver will ask you for an Income and Expenditure statement, which will require you to declare total household income and outgoings.

Oh, if you are overdrawn at the bank (and especially if your account is joint), get a new basic bank account before starting the process – because the overdraft will get caught in the bankruptcy and you won’t be able to use the account.

Are you absolutely sure you need to go bankrupt? And , if you and your wife have joint debts, have you thought of the consequences if one of you goes bankrupt and the other has to assume “joint and several” liability for the total outstanding debt.

If you’ve not already, can I suggest you try our questionnaire, which will probably give you a clearer picture of the options available to you.