The New Quick Bankruptcy  (Debt relief order)

 A new type of bankruptcy has been proposed by the government aimed at people who have less than £15,000 worth of debt, less than £50 per month available income after they have met all their essential expenditure and less than £300 in assets. It is very similar to bankruptcy, in the way that people will still have a one-year discharge, with a few exceptions, all remaining debts will be written off. People will have to apply for a debt relief order via an intermediary. It is intended that the debt relief order will less expensive to the individual than bankruptcy. Intermediaries are likely to include debt advisers like Debt Dr, CAB, and CCCS, however before people can apply for a debt relief order the law will need to changed at Parliament.