Bankrupcy IVAs 2008 Figures

	Do you live in Scotland? As Scotland has its own legal system, distinct from that of England and Wales, laws relating to bankruptcy are different too. In Scotland, personal bankruptcy is known as sequestration.

Do you qualify for an IVA? Take the 60 second debt test at Cut Your Debt and find out today More news Bailiffs to get more powers but not much needed regulation Citizens Advice warns Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse More than a million householders use credit card borrowing to pay their mortgage or rent Number of CCJs issued hits ten year high Number of Scots going bankrupt hits record high	Personal insolvencies rise during first three months of 2008 There were 25,264 individual insolvencies in England and Wales during the first quarter of 2008 - up 1.7% on the previous quarter, but a decrease of 13.2% on the same period a year ago. There were 15,651 bankruptcies, an increase of 0.1% on the previous quarter and a decrease of 6.8% on the corresponding quarter of the previous year. 84% of the petitions for bankruptcy were made by the debtor themselves - a huge shift away from previous years when creditors were more likely to ask for an individual to be made bankrupt. There were also 9,614 Individual Voluntary Arrangements (IVAs) entered into during the first three months of 2008. This represented an increase of 4.3% on the previous quarter, but a big decrease of 22% on the corresponding quarter of the previous year. The percentage of bankruptcy orders involving trading debts - self-employed bankruptcies - has fallen from 61% in 1995 to 11% in 2007 (first quarter 2008 figures for trading-related bankruptcies are not yet available). It should be noted, however, that figures for 2007 are based on a revised classification and are not entirely consistent with earlier years figures. May 2nd 2008

Do you qualify for an IVA? Take the 60 second debt test at Cut Your Debt and find out today

More news

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

More than a million householders use credit card borrowing to pay their mortgage or rent

Number of CCJs issued hits ten year high

Number of Scots going bankrupt hits record high

Personal insolvencies rise during first three months of 2008

There were 25,264 individual insolvencies in England and Wales during the first quarter of 2008 - up 1.7% on the previous quarter, but a decrease of 13.2% on the same period a year ago.

There were 15,651 bankruptcies, an increase of 0.1% on the previous quarter and a decrease of 6.8% on the corresponding quarter of the previous year. 84% of the petitions for bankruptcy were made by the debtor themselves - a huge shift away from previous years when creditors were more likely to ask for an individual to be made bankrupt.

There were also 9,614 Individual Voluntary Arrangements (IVAs) entered into during the first three months of 2008. This represented an increase of 4.3% on the previous quarter, but a big decrease of 22% on the corresponding quarter of the previous year.

The percentage of bankruptcy orders involving trading debts - self-employed bankruptcies - has fallen from 61% in 1995 to 11% in 2007 (first quarter 2008 figures for trading-related bankruptcies are not yet available). It should be noted, however, that figures for 2007 are based on a revised classification and are not entirely consistent with earlier years figures.

May 2nd 2008

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