Someone in the UK is made bankrupt every minute of the working week
16th January 2012
Someone in the UK is made bankrupt 60 seconds during a typical working day, according to new figures from national money education charity, Credit Action.
Credit Action's snapshot of personal finance for January, 2012 reveals that every day in the UK:
* 331 people are declared insolvent or bankrupt
* 1,779 Consumer County Court Judgements (CCJs) are issued
* 193 mortgage possession claims are issued and 153 mortgage possession orders are made
“Our ‘day in the life’ statistics show the sheer scale of the financial problems faced in the UK and illustrate the numerous ways in which we are all vulnerable to the economic downturn," said Michelle Highman, CEO of Credit Action.
"However, there are ways to take control of your financial situation. If you do find yourself in a situation where your debts are already out of control, make sure you seek free debt advice from services such as the CAB or the Consumer Credit Counselling Service (CCCS).”
400 Scots could go bankrupt every week in 2012 warns report
4th January 2012
Accountancy firm PKF is warning that more than 20,000 people will be declared bankrupt in Scotland in 2012 because of the economy and rising unemployment. That equates to 400 personal bankruptcies a week.
2011 saw an increase in the number of Scots entering into sequestration, the Scottish legal term for bankruptcy. There was also a rise in Protected Trust Deeds entered into. Both trends are likely to to continue into 2012 according to the report by PKF.
“There was a widespread assumption that in 2011 the economy would start to show signs of recovery and that personal insolvencies would stabilise, albeit at an extremely high level," said Bryan Jackson, corporate recovery partner with PKF. "However, the fluctuations in the economy, the difficulties in the Eurozone, and the clear impact of public sector cuts, is increasing the number of Scots facing financial difficulties.”
PKF is also predicting that around 1,300 Scottish businesses will go bust in 2012.
400 Scots could go bankrupt every week in 2012 warns report
4th January 2012
Accountancy firm PKF is warning that more than 20,000 people will be declared bankrupt in Scotland in 2012 because of the economy and rising unemployment. That equates to 400 personal bankruptcies a week.
2011 saw an increase in the number of Scots entering into sequestration, the Scottish legal term for bankruptcy. There was also a rise in Protected Trust Deeds entered into. Both trends are likely to to continue into 2012 according to the report by PKF.
“There was a widespread assumption that in 2011 the economy would start to show signs of recovery and that personal insolvencies would stabilise, albeit at an extremely high level," said Bryan Jackson, corporate recovery partner with PKF. "However, the fluctuations in the economy, the difficulties in the Eurozone, and the clear impact of public sector cuts, is increasing the number of Scots facing financial difficulties.”
PKF is also predicting that around 1,300 Scottish businesses will go bust in 2012.
Bankrupt women reach record levels
15th August 2011
Women now account for 48% of personal insolvencies – believed to be the highest ever according to figures from RSM Tenon, the UK’s 7th largest accountancy and professional services firm.
In the second quarter of 2011, 14,827 women were declared bankrupt, obtained a debt relief order or took out an Individual Voluntary Arrangement (IVA).
Women now outnumber men in the youngest age groups (18-25 and 26-35) showing that this trend is set to continue into the future.
“People blame female money troubles on almost everything from a culture of consumption to alleged ‘bankruptcy role models’ such as Kerry Katona," said Mark Sands, Head of Personal Insolvency at RSM Tenon.
"However, the picture is more complicated than that. On the one hand, spending habits and attitudes to debt have changed over the past generation at the same time that women have achieved ever greater levels of financial independence. As women become more and more independent, lenders see them as a more and more lucrative market. On the other hand, the recent rise in the proportion of female insolvencies began in the second quarter of 2009 and the figures have climbed steadily ever since. So, arguably the UK’s recent financial crisis has hit women’s pockets harder than men’s."
"Certainly, in the early part of the recession, more women than men were made redundant, and some studies have claimed that government spending cuts instituted during the recovery period have a disproportionate effect on single parents – nine out of ten of whom are female. Also, more women than men work part-time, and in a downturn, part-time and shift workers are more likely to be cut.
"So, across the board, women are caught in a pincer movement which leaves them more vulnerable, either to sending themselves into insolvency by financial mismanagement, or to being forced into insolvency by poverty."
Number of people declared bankrupt down in first quarter of 2011
9th May 2011
The number of people declared bankrupt in England and wales during the first three months of 2011 has fallen by a third compared to the first three months of last year, according to the latest report from The Insolvency Service.
There was a total of 30,162 personal insolvencies in the first quarter of 2011, down 1.7% on the previous three months and 15.5% down on the same period in 2010.
The biggest fall was in bankruptcies, with 12,539 people being declared bankrupt, down 31.3% on the same period last year, but up slightly on the last quarter.
The number of Individual Voluntary Arrangements (IVA also fell in the first three months of 2011 compared with a year ago. There were 10,835 IVAs declared, 8% lower than during the first quarter of 2010.
Part of the reason for the fall was the increase in the number of people choosing a Debt Relief Order instead of either bankruptcy or an IVA. 6,788 people received a DRO, up 20.3% on the same period last year.
Not such good news for businesses. The number of companies that went into liquidation during the first three months of 2011 was 4,121, an increase of 3.7% on the previous quarter and 2.1% up on the same period a year ago.
Bankrupt Essex man jailed for hiding assets
Personal insolvency figures down in Scotland for last quarter of 2010
Insolvency Service has last laugh as comedian sent to jail for breaching bankruptcy rules
Changes to Debt Relief Orders will help more people struggling with debt
Insolvency Service cracks down on bankrupts who try to hide assets
Home repossessions at highest level since 1995
2009 - the worst year for personal insolvencies since records began
24,000 more Scots to go bankrupt during 2010
Time called on former landlords who fled to Spain
Bankruptcy to be available online and by post under Government proposals
Bankruptcy numbers hit new high in England and Wales
Bankruptcies rocket in Scotland with introduction of LILAs
One out of every 290 mortgage holders see homes repossessed in 2008
Almost 20,000 individuals declared bankrupt in last quarter of 2008
Advice agencies struggle to cope with rising number of middle class debt problems
35% rise in numbers seeking mortgage arrears help
Number of CCJs issued hits ten year high
Bailiffs to get more powers but not regulation Citizens Advice warns
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The alternatives to bankruptcy
Being made bankrupt is still very much the last resort for those who find themselves in serious debt with little or no hope of being able to repay the debt.
But even if your debt is spiraling out of control, there are alternatives to bankruptcy. more
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If you have looked at all of the options and are considering filing for bankruptcy in England and Wales, here's our step by step guide on how to make yourself bankrupt. 
