More people able to access debt relief orders (DRO)

From 1 October 2015 the maximum debt you can owe to apply to have it covered by a DRO is increasing from £15,000 to £20,000. You will now be able to have £1,000 in assets (increasing from £300).

There is more information about getting a debt relief order.

Minimum debt for bankruptcy rises

From 1 October 2015, the minimum debt someone who you owe money to (your ‘creditors’) can ask the court to declare you bankrupt for will rise to £5,000 from £750. Bankruptcy has serious impacts, and this change ensures that people with low level debts are taken out of it.