A financial advisor is urging people with debt problems to consider bankruptcy as an alternative to insolvency, saying it may suit some people better.

There’s been a cautious welcome for the new Insolvency Service which is taking applications from today from people hoping to have their debts written off.

Anyone using the service should first consult a registered Insolvency Practitioner to negotiate a deal with their lender.

Financial Advisors, Neo Financial Solutions, have today launched a guide to bankruptcy in Ireland.

It’s Chief Executive Paul Carroll says up to a third of people he’s consulted would be better suited to bankruptcy.