Bankruptcy Report Announced by The Debt Counsellors

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The Debt Counsellors have launched The Bankruptcy Report to give advice and details on bankruptcy in the UK and how it can be avoided.

Everyone knows of the term 'bankruptcy' but many are unaware of the details. So the Bankruptcy Report provides vital information for anyone who wants or needs to find out more.

The Bankruptcy Report has been released by debt help professionals The Debt Counsellors to provide an in-depth guide for those facing insolvency in the United Kingdom.

Bankruptcy is a serious and growing problem in the UK. Official Insolvency Statistics have revealed record figures for the fourth quarter of 2005: there were 20,461 bankruptcies, which represented a 15% rise on the third quarter of 2005 and a 57% rise on the fourth quarter of the previous year.

In total, there were 67,580 bankruptcies filed in 2005 but those in the debt advice industry are warning that as many as 100,000 people could go bankrupt in 2006.

The Bankruptcy Report, therefore, has been produced to help people with serious debts to understand the details and processes involved in bankruptcy and, above all, avoid bankruptcy altogether.

The Bankruptcy Report also aims to dispel some of the myths that have developed around bankruptcy, such as it being an 'easy way out' of serious debt problems; on the contrary, bankruptcy carries with it serious risks to key assets as well as numerous financial restrictions, as detailed in the Report.

Another key aspect of the Bankruptcy Report is its detailing of alternatives to bankruptcy, such as the IVA, or Individual Voluntary Arrangement, whereby someone with debts over £15,000 can enter into an agreement with creditors to pay off a greatly reduced sum over a five-year period.

John Porter, a senior counsellor with The Debt Counsellors, says: "Everyone knows of the term 'bankruptcy' but many are unaware of the details. So the Bankruptcy Report provides vital information for anyone who wants or needs to find out more."

Porter adds: "Of course, the main message of the Report is that bankruptcy is best avoided, so there is information on how to do that by exploring the alternatives and getting professional advice on the problem."

The Bankruptcy Report can be viewed at http://www.debtcounsellors.co.uk/reports/bankruptcy-report.html

For further debt advice and information on bankruptcy visit http://www.debtcounsellors.co.uk/

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Mark Nunney
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