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By Driller
#33563
Hello all I am considering bankruptcy again as I am in severe debt again.
I went bankrupt back In 2011 due to negative equity and unsecured loans for house improvements prior to 2008. I was discharged after 12 months. But since 2017 I have amassed approx 34000 debt on loans over drafts and credit cards all in my name and have spent approximately 70% of this on gambling.. Dark times indeed.. I have attached my incoming and outgoing. I currently rent a house with partner and have a 11 year old daughter too. My car is worth 1000 and in my name everything else apart from rent and council tax is in partners name. Hope you can help and understand the attached
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IMG_20190306_211844.jpg
Income and outgoing
IMG_20190306_211844.jpg (180.88 KiB) Viewed 180 times
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By James Falla
#33569
Hi Driller

The first thing to say is there is nothing to stop you going bankrupt twice. Given the two situations are unrelated you will not be penalised for having to go through the process again. In fact given it was 8 years ago it is unlikely it will even come up.

You live in rented property so this would not be at risk in bankruptcy and your landlord would not be told. Given your car is worth £1000 or less you will be able to keep it.

That said it is impossible to correctly advise you because you have not correctly calculated your surplus income.

First of all I can see mistakes in your household expenses. I believe the total is too low. Also (and this is vital) when doing the calculation you cannot include any of your partner's debt payments in the living expenses budget (other than the work loan). She must pay these from her share of any surplus income.

Therefore with her debt payments taken out based on your figs the total household income is £3450 and expenses are £2128. This leaves a household surplus of £1322. 52% (£687) of this is yours (based on your share of the income). Therefore on the face of it you would be paying £687/mth for 3 years if you go bankrupt. Your partner would be left with £635. This is not be enought to pay her debts (c£729/mth).

Given this before making any decision I strong suggest you give us a call here at Beat My Debt so we can discuss this and go through your income and expenses correctly with you.
By Driller
#33573
Thanks James for the input, I can see it does look low and to paying that amount over the next 3 years would be pointless going BR as I would be in the same situation.
Also on checking the income and outgoings I have not mentioned the loan I have through work that comes directly out of my pay this is another 150 per month although the take home pay on the sheet reflects this I did not add it to the sheet. Would this also be included
I think I really need to speak to you on the phone