Personal Insolvency options in England
In England, insolvency options are broadly divided into procedures for individuals and companies. These range from rescue-focused agreements to formal closure or debt write-off processes.
Personal Insolvency Options
For individuals, sole traders, or partners, these options deal with personal debt.
Bankruptcy: A formal legal procedure for those unable to pay debts, where assets are shared among creditors and most remaining debts are written off after 12 months.
Individual Voluntary Arrangement (IVA): A legally binding agreement to pay back all or part of your debts over a set period (usually 5–6 years) as an alternative to bankruptcy.
Debt Relief Order (DRO): A low-cost alternative for individuals with low income, limited assets, and debts typically under £50,000
Get help
If you need advice about your situation, we can help for free.
- Email: info@youthlegal.org.uk
- Phone: 020 3195 1906 (Mon to Fri, 10am to 6pm)
- Contact form: youthlegal.org.uk/contact-us
All our advice is free and confidential.