If an Insolvency Practitioner suspects fraudulent or criminal behaviour, they will apply for a Bankruptcy Restriction Order (BRO) for court to assess and decide what action to take.

The writer also states that “New” Government proposals due out in next few days will make it easier for creditors to set up plans for repayments, an “Individual Voluntary Arrangement”. Individual Voluntary Arrangements (IVA’s) have infact been around since 1986 Insolvency Act and used by employees and self employed people.

This only further questions credibility of writer and The Mail on Sunday for publishing such an article.

What writer also doesn’t realise is, people who have failed IVA’s or not able to get an IVA add to percentage of people petitioning for bankruptcy.

The worry that this article will have placed on people is not only unnecessary, but also misleading. The reduction in terms of discharge from bankruptcy is supposed to be a positive change in The Enterprise Act 2002, not a negative one as implied in this article.

If you have sought advice, and you know you have no other option than to take bankruptcy route then you should not be put off. “Nothing has changed”, as Simon Wiggins informed one of his posters who read article and was concerned by it.

If you would like further advice regarding your financial situation FCL Debt Clinic offer free debt advice which will enable you to see what your options are regarding resolving your debt problems.

If bank is not willing or able to work something out with you consider getting in touch with a loss mitigation service. They will be able to work with you and develop a plan that can save your home. They will work with you one on one and structure a plan that is best suited to your needs. Since everyone’s situation is different contact them to tell them your specific situation. Many have forms you can simply fill out and get a response within hours. For more information on loss mitigation services visit http://www.foreclosure-helper.com for a free foreclosure situation analysis.