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Higher costs of living and increase in debt have been held responsible for a massive amount of UK households with two breadwinners. Over 3.5 million UK households with dependant children are reliant on two salaries, a new study has found.

Recent research has found 83 per cent of Britons would change their bank if new monthly or annual account fees were introduced on current accounts.

A 34 year old gambling addict found himself in deep water when he owed £50,000 in gambling debt.

Ian Cobble was picked up by police as they carried out routine checks on vehicles on a Scottish motorway. The officers found over £300,000 worth of cannabis resin in the boot of his car.

Cobble tried to defend himself by saying that he was a courier and was transporting the packages from Manchester to Glasgow for a client in return for £400.

Bolton tax dodgers are likely to face bankruptcy, if they refuse to pay their fines.

This stark warning was announced by Bolton Council after they reported that £6.2 million remained outstanding in council tax arrears. Some of the figures date back to the 1990’s.

Bankrputcy proceedings were introduced in June 2006 as a means of recovering this outstanding debt. In just over a year, seven people have been forced into bankruptcy through non-payment of council tax.

What is the standard definition of bankruptcy and does it exist in other countries?

In many countries there are two types of bankruptcy that a company can fall into:

1.A business that has fallen behind with repaying debt due to lack of funds in the bank
2.A business that has liabilities (debt) which are equivalent to its assets

Bankruptcy is a quick way to clear debt and make a fresh start. There are two ways that you can be forced into bankruptcy:

One is through a debtors’ petition which means that you voluntarily make yourself bankrupt. You will need to find your nearest county court which deals with bankruptcy and ask them to send you a petition for Bankruptcy and Statement of Affairs documentation.

You may also want to confirm the court fee is which is about £475 per person.

A debt management company will not pay off your outstanding debt but it will negotiate with your creditors so as you can make more affordable payments.

What other services could these companies offer?
They could offer debt consolidation, debt counselling or debt management.

Do I have to pay?

People on debt management plans are taking one month longer to pay their debts.

The average length of time for paying off a debt management plan is usually twelve years and two months but the time is increasing as debt becomes larger.

Debt consolidation is a way of condensing a number of debts into one affordable monthly debt management plan.