The number of people going into a type of personal insolvency known as “bankruptcy light” has risen during the first three months of 2016 in official figures released on Friday.
The Insolvency Service said 6,722 debt relief orders were taken out between January and March across England and Wales – marking a 3.4% increase compared with the previous three months and 8.2% higher than the same period a year earlier.
There are three types of personal insolvency in England and Wales:
- bankruptcies
- individual voluntary arrangements (IVAs), where money is shared out between creditors
- debt relief orders, which are often dubbed “bankruptcy light” because they are aimed at people with lower amounts of debt who have no realistic prospect of payin…
Read the full article at: http://www.mirror.co.uk/money/bankruptcy-light-soars–could-7859681