If you live in the UK, you will be pleased to know there is now an alternative option to declaring bankruptcy and it comes in the form of a Debt Relief Order.
The new Debt Relief Order (DRO) came into being in April 2009, so it is a relatively new vehicle that makes it less expensive for people who have debt that they cannot manage. It is a cheaper option that declaring bankrupcy, costing about 80% less. It’s a way for people on low incomes to be able to rid themselves of debt, without the high cost or difficulties that come with being declared bankrupt. Read more »