Thousands of people were declared bankrupt or chose debt relief orders and individual voluntary arrangements
A record number of people turned to debt relief orders (DROs) in August to ease their financial struggles, Insolvency Service figures show. In total, the number of people going financially insolvent across England and Wales jumped by 16% in August compared with the same month a year earlier, according to Insolvency Service figures.
Some 11,348 people entered insolvency in England and Wales in August, which was also 7% higher than the total in July this year. The insolvency total was made up of 4,239 debt relief orders…