Online bankruptcy plan could help debt sufferers
Online bankruptcy plan could help debt sufferers
- Monday, 16 November 2009UK citizens who find themselves overwhelmed with
debt problems could soon be able to file for bankruptcy online.
Last week (November 13th), the government put forward proposals that would allow people to declare themselves bankrupt online or via the post instead of having to go through the courts.
The Consultation on Reforming Debtor Petition Bankruptcy indicates that the change would make the process much quicker, with court bankruptcy actions often taken months to finalise.
Ian Lucas, minister for business, said while bankruptcy should be considered a "last resort" for those who are struggling financially, the legislative process should be set up to make the process as quick as possible for those who have no other choice.
He commented: "Once a person has decided that it is the only viable solution for their
debt problems, these proposed changes will make it easier for them to proceed into bankruptcy."
The non-court bankruptcy route is only available to the individual filing; creditors will still have to go through the court system as before.

Recent Debt Management Plan News
Debt management may help people achieve retirement goals
Mon, 15 Mar 2010Being financially secure in retirement is more important for many people than their health, it has been found...
Only 21% of women saving for retirement
Fri, 12 Mar 2010Debt management may help those women who are failing to adequately save for their retirement, it has been claimed...
People urged to take steps towards becoming debt-free
Thu, 11 Mar 2010Consumers are being encouraged to spend more time "filling the gaps" in their personal finance knowledge in order to help them become
debt-free...
Giving up smoking could aid debt management
Wed, 10 Mar 2010Smokers who choose to give up the habit could also take significant steps towards becoming
debt-free, it has been revealed...