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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Bankruptcy process shake-up

Bankruptcy process shake-up

It’s claimed a shake-up of the process of being declared bankrupt in the UK will save the industry £45million. The Insolvency Service has revealed a package of measures to modernise the process that those in severe debt may have to go through. It says the changes will bring down costs and administrative burdens. Insolvency practitioners will have to be more transparent about the fees they charge for their debt solutions. People who have been declared bankrupt can now obtain an ‘annulment’ of the order if they are able to pay back the bankruptcy debts and expenses using for example consolidation loans or a remortgage. The new rules will also see people facing bankruptcy and at the risk of violence able to apply for limited disclosure of their home address.


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