Campaign to dispel myths about bankruptcy

With a lot of misconceptions about bankruptcy, we welcome a new campaign from the Insolvency Service to dispel myths about what it involves.

To help people better understand bankruptcy, they have created a number of videos, posters and information sheets explaining what bankruptcy is and isn’t, which you can find on their ‘Bankruptcy: fact or fiction’ campaign page

These resources explain how bankruptcy works, how it can and can’t affect your life and how it compares to other debt relief options.

This campaign follows the recent news that people facing unmanageable debts can now apply for bankruptcy online, rather than in court. The Insolvency Service said that a perceived stigma of court proceedings had been a barrier to some people declaring bankruptcy. 

Personal insolvencies in the UK have risen recently. They increased by a fifth in the third quarter of 2016 compared with the same period a year earlier.

There were 24,251 personal insolvencies between July and September, which were also a 6% rise on the second quarter of this year.

Debt

If you are struggling with debt, read our Debt information page for details of the help that may be available to you.

You can also use our Benefits Calculator to check your entitlement to welfare benefits and our Grants Search to see if you might be eligible for help from a charitable fund.