People with financial worries may be put off seeking advice by an increase in the cost of petitioning for bankruptcy.
The cost of petitioning for bankruptcy has risen to £525 and with court fees the total cost is £700. This is not the first time the charges for petitioning for bankruptcy have risen in recent times, since March last year the cost has risen by 37%.
The Insolvency Service blamed the increase of £75 on rising administration costs.
Experts believe that the increase in these charges will have a negative effect on people who are already faced with having to make tough decisions.