New bankruptcy plans unveiled

The government has outlined proposed new laws to speed up bankruptcy proceedings.

Rather than a lengthy process involving the courts, those issuing a filing can send it to an adjudicator, who will make a decision on the matter and thus ensure the matter is concluded sooner.

Such a move could help ease the burden for those with debt management worries.

Business minister Ian Lucas stated: “Many people delay making a petition for bankruptcy because they do not want to appear in court – meaning they can sink further into debt.”

Those who have debt management issues may wish to shop around for products that can give them better returns or save interest payments, which could assist with them avoiding bankruptcy.

The Debt Advice Foundation recently suggested that greater financial literacy may help people deal with debt more easily.

It said a lack of this lies behind the high number of insolvencies currently being recorded, which is running at 300 per day.

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