You will be required, whilst completing the bankruptcy petitioning forms to complete a statement of means to show all income and all outgoings, this can be done on either a monthly or weekly basis (you must not mix the two), and either as a joint or sole account.

If the account is done jointly, you must show your spouses income and all of their expenditures during the month/week as well as your own.

Bear in mind that you will not be paying such things as unsecured loans, credit cards etc after the bankruptcy order has been made, the bankrupt must not therefore include those payments on their statement of means.

Of course, your spouse will still be required to make their usual payments unless, they are to petition as well.

The reason for this statement is to establish whether you have any surplus income that could be paid into the bankruptcy to satisfy (in whole or in part) those debts included in the bankruptcy.

Following the making of a bankruptcy order you will be required to produce six monthly income and expenditure accounts on the same basis as that produced in the petitioning forms.

Again, the purpose of this account is to determine whether you have any surplus income for the benefit of your creditors.

Should it be shown that you do have surplus income then the Trustee in bankruptcy will discuss with you an appropriate sum to be paid monthly into the bankruptcy. A court order will then be obtained called "an income payments order" which will remain in force during the life of the bankruptcy. The figures will be reviewed when each six monthly account is received and the income payments order adjusted accordingly.

The income payments order will be discharged on the completion of the bankruptcy period.

To review the law in respect of your "future income" click here.

To review case studies in respect of your "future income please click over the following:

Case study 1
Case study 2
Case study 3