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Online bankruptcy plan could help debt sufferers

Online bankruptcy plan could help debt sufferers

- Monday, 16 November 2009

UK 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.

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