By: Kensington Financial Management Consultants  05/01/2011
Keywords: credit card, financial advice, debt

 Bankruptcy rules changed in 2004, which may enable people with severe debt problems to become debt free much quicker then previously. In some circumstances, bankruptcy may be a better solution than debt management, an IVA or trust deed. The key issues are summarised in the below press release from the Insolvency Service, issued on 31 March 2004. BANKRUPTCY LEGISLATION BRINGS AN END TO THE ONE-SIZE-FITS-ALL APPROACH New bankruptcy laws which will encourage enterprise while cracking down on irresponsible and reckless borrowers come into force tomorrow (1st April 2004).In the biggest shake-up of personal insolvency laws for a generation, the Enterprise Act 2002 marks the end of the one-size-fits-all approach to bankruptcy. It will introduce a fairer regime for those who have failed through no fault of their own, backed up by tough new measures for the minority of bankrupts who take advantage of their creditors and the public.

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