New figures from the Insolvency Service indicate that women are more likely than men to see their finances deteriorate to the point of insolvency. According to findings, the main reason for this is that women are more likely to take out debt relief orders (DROs), an alternative to bankruptcy aimed at people on a low income and with few assets. DROs give debtors a reprieve from debt repayments and keep creditors temporarily at bay. Another type of personal insolvency cited in the report as being more popular amongst women are individual voluntary arrangements (IVAs), where money is shared out between creditors.
No matter which way you look at it, personal insolvency can be an overwhelming and stressful experience. Before taking that painful step, expert advice should be sought so that all options can be considered. If there is no alternative, then an understanding insolvency practitioner can make the process as painless as possible.
Our experts at our partner business BM Advisory can help. Whatever your situation, the sooner you contact us the more options you will have available to you. Your initial consultation is free of charge, and you can rest assured that it will be in total confidence.