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There’s good news for people struggling in debt - the minimum amount for which you can be forced into bankruptcy is being raised from £750 to £5,000. The limit was last set in 1986 and the new rules will come into effect in October, Business Minister Jo Swinson announced this morning.
At the same time the maximum amount of debt that can be covered by Debt Relief Orders – the low-cost alternative to bankruptcy - will increase from £15,000 to £20,000.
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Quote:
There’s good news for people struggling in debt - the minimum amount for which you can be forced into bankruptcy is being raised from £750 to £5,000. The limit was last set in 1986 and the new rules will come into effect in October, Business Minister Jo Swinson announced this morning.
At the same time the maximum amount of debt that can be covered by Debt Relief Orders – the low-cost alternative to bankruptcy - will increase from £15,000 to £20,000.
Full story here http://ift.tt/1ICp1qp
Bankruptcy rules to change, Business Minister announces, raised from £750 to £5,000
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