People can’t afford to pay bankruptcy fees

Jacquie Shaw of the NMRN

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A PORTSMOUTH insolvency expert has issued a warning that some people are so cash-strapped they can’t afford the £700 it costs to declare themselves bankrupt.

Experts from Southern Committee of R3, the insolvency trade body, are calling for measures to make it easier for people to go bankrupt and start rebuilding their finances.

Members of the committee, which include insolvency practitioners from local finance and legal firms, say these measures would help financially distressed people in Hampshire break out from a ‘zombie-like’ situation, where they are teetering on the edge of bankruptcy but are unable to do anything about it.

According to research from R3, 70 per cent of personal insolvency practitioners say they have seen debtors unable to enter bankruptcy in the last year because they were not able to afford the debtor’s petition.