It is now possible for people experiencing unmanageable debts to now, rather than go through courts, they apply for Bankruptcy online. Which is leading to more individuals applying, as it removes the perceived stigma of court proceedings acting as a barrier the Insolvency Service has said.
A ruling change in April of this year and a cut in the costs has led to increased numbers declaring themselves bankrupt.
The third quarter of 2016 saw an increase of 7% compared to the same period last year for individuals declaring bankruptcy.
An alternative to bankruptcy is an Individual Voluntary Arrangement (IVA). Which is a deal between you and your creditors, overseen by the insolvency practitioner. This involves coming to an agreement with the individuals creditors regarding the repayment of debts staged over a period of time.
If you experiencing issues with debts please call Tim Corfield of Griffin and King on 01922 722 205. He is a Licensed Insolvency Practitioner and would be more than happy to discuss all options with you.