BGN Entrepreneur

Depending on the borrowers income, filing for bankruptcy can cost borrowers between £385 and £485.
Debt relief orders, which are aimed at those on low incomes with relatively small debts that cannot afford to go bankrupt, were newly launched in April 2009. Debtors can apply for the order with the help of an advice intermediary.
For the ones with an annual income less than £15000, assets less than £300 and less than £50 available per month after they have met the necessary basic expenditure, the orders are available at a much lower cost of approximately £100.
This order will last for 12 months and then, the debt owed will be discharged, leaving the debtor debt free.

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