Number Of People In Scotland Bankrupt 2010

	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.

Would you like to talk to a trained debt counsellor about alternatives to bankruptcy? more More news 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 Bankruptcies rocket in Scotland with introduction of LILAs One out of every 290 mortgage holders see homes repossessed in 2008 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	24,000 more Scots to go bankrupt during 2010 24,000 Scots will declare bankruptcy during 2010, according to one of the UK's biggest firms of accountants and business advisers. PKF believe that one out of every 200 adults in Scotland faces financial ruin during 2010 even if the economy improves, and it is warning that similarly high numbers of personal bankruptcies could continue for years to come because of the high level of personal debt north of the border. A similar record number of people were made bankrupt in Scotland during 2009. but the number of bankruptcies has almost doubled since 2007 and increased by fivefold since 1998. "Given that Scottish personal insolvency currently runs at twice the rate of England and Wales, it is clear that the situation is going to continue to be problematic for many people in the coming year," said Bryan Jackson, corporate recovery partner with PKF. "Whilst there are signs that the overall bankruptcy numbers are flattening out at around 24,000 people per year, this is an astonishing level of personal insolvency. The sad news is that this is a pattern which is likely to be repeated, not just in 2010, but for many years. "Some may argue that this is due to the easing of the process of insolvency, but this still indicates a very high level of personal indebtedness which new methods only highlight rather than explain." January 2nd 2010

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Would you like to talk to a trained debt counsellor about alternatives to bankruptcy? more

More news

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

Bankruptcies rocket in Scotland with introduction of LILAs

One out of every 290 mortgage holders see homes repossessed in 2008

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

24,000 more Scots to go bankrupt during 2010

24,000 Scots will declare bankruptcy during 2010, according to one of the UK's biggest firms of accountants and business advisers.

PKF believe that one out of every 200 adults in Scotland faces financial ruin during 2010 even if the economy improves, and it is warning that similarly high numbers of personal bankruptcies could continue for years to come because of the high level of personal debt north of the border.

A similar record number of people were made bankrupt in Scotland during 2009. but the number of bankruptcies has almost doubled since 2007 and increased by fivefold since 1998.

"Given that Scottish personal insolvency currently runs at twice the rate of England and Wales, it is clear that the situation is going to continue to be problematic for many people in the coming year," said Bryan Jackson, corporate recovery partner with PKF.

"Whilst there are signs that the overall bankruptcy numbers are flattening out at around 24,000 people per year, this is an astonishing level of personal insolvency. The sad news is that this is a pattern which is likely to be repeated, not just in 2010, but for many years.

"Some may argue that this is due to the easing of the process of insolvency, but this still indicates a very high level of personal indebtedness which new methods only highlight rather than explain."

January 2nd 2010

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