Monday 21 Sep 2015 @ 14:25
Insolvency Service
Insolvency Service
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More help for people with personal problem debt
To make it easier for more people to access debt relief revised thresholds are being introduced for bankruptcy petitions and Debt Relief Orders from 1 October 2015.
More people able to access debt relief orders (DRO)
From 1 October 2015 the maximum debt you can owe to apply to have it covered by a DRO is increasing from £15,000 to £20,000. You will now be able to have £1,000 in assets (increasing from £300).
There is more information about getting a debt relief order.
Minimum debt for bankruptcy rises
To remove the risk of bankruptcy for people with small debts the minimum debt that you, or those that owe you money to, can ask the court to declare you bankrupt rises from £750 to £5,000.
