Calculating self-employed income for SOA

SIM

Hi all,
Just trying to find some info about how self-employed income is calculated for Bankruptcy/SOA purposes?

My wife is self-employed and we are in the process of getting ready to fill out forms for Bankruptcy.

How should we work out her wage? She does part-time tutoring and therefore her wage fluctuates. I have taken an average over the last 6 months. Is that what OR would expect?

Thanks for any help.

We've been trying to call Business Debt Line but haven't been able to get through!

TheGardener

A 6 to 12 month average would be about the right starting point unless there are predictable seasonal fluctuations.

SIM

Thanks for that info. Is that what you think the OR would ask for?

luvchocolate

Hi yes they would normally take an average over 12 months

Simontheframer

I'm going through the same SOA process at the moment. So, an average of the last 12 months income, does that also apply for what you've spent on business materials during the same period?