Bankruptcy petition level increased

The minimum level of debt required to issue a bankruptcy petition against an individual has for the first time in many years been increased to £5,000 whilst the maximum level of debts for eligibility for a debt relief order increased to £20,000.  Both of these changes came into effect on 1 October 2015.

The Insolvency Service has also just announced that the fees for an individual applying to be made bankrupt are to fall from £705 to £655 in April 2016.

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