Bankruptcy Facts
Information and statistics about bankruptcy and insolvency in the UK .
- Personal bankruptcies have risen to a 40-year high.
- Irresponsible lending and carefree spending have left tens of thousands with debts they cannot afford to pay.
- Those under 30 make up the majority of bankrupts.
- The number of insolvencies in 2006 was over 109,000, 42% up the previous year.
- Consumer debt has risen through the £1.3 Trillion barrier.
- With numerous base rate rises since August 2006 many people are struggling to cope.
- The average interest rate on credit card lending is 15.44%, around 11 percentage points above base rate.
- Recent changes in bankruptcy laws have made more people willing to consider it.
- Three quarters of bankrupts are people declaring themselves bankrupt rather then being forced in to it.
- How long should bankruptcy last? Only last one year and in some cases you could come through bankruptcy in as little as 25 weeks.
Although there's big shift in attitudes to bankruptcy, there's other alternatives such as debt management. We can help with whatever route is best for you because we have plenty of experience, which means there's a better chance of a successful outcome in the long term for you.
More bankruptcy FACTS
Answers to many questions about bankruptcy can be found in our popular guide to bankruptcy. This useful download is packed full of bankruptcy information based on answers to common questions
Act immediately
The longer you leave it, the more the stress and worry will build up. Our advice is free and it's the first step to relieving your pressure. We're here to guide you successfully through troubled waters, step by step, until everything is sorted in the best possible way to protect your interests short term and long term.
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