Over 53 Thousand declare themselves bankrupt

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Over 53 Thousand declare themselves bankrupt

The Ministry of Justice has said a record number of people in England and Wales declared themselves bankrupt last year in order to escape their debts.
Last year more than 53 thousand people filed for bankruptcy after not being unable to cope with their debts, up over 52 thousand in 2007 and double the number of people who declared themselves bankrupt in 2004.
Wales saw the largest increase with the figure increasing by 9% during 2008, followed by the North West, where it increased by 7%. But at the other end of the scale, there was a 9% fall in bankruptcy petitions from debtors in the South West during 2007 compared with 2006.
Two weeks ago, the Insolvency Service established that the number of people actually declared insolvent fell for the first time in 9 years during 2007. Industry leaders say the number of people petitioning for bankruptcy is to increase again next year as the aftermath of the credit squeeze filters through.
Under rules introduced a number of years ago, being bankrupt now lasts for one year, as opposed to three years previously. Those who go bankrupt will also have to deal with their credit rating being shot to pieces for years to come.

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