Bankruptcy News
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News : Topics : Bankruptcy The number of bankruptcies in the UK is increasing dramatically as more and more people find their debts catching up with them. It's expected that over 100,000 people could be declared insolvent in 2006, the highest on record. The reasons for the increase include the record levels of personal debt, coupled with changes in the law which make it possible for a bankruptcy to be discharged in one year rather than the previous three or more. It's become fairly common for bankruptcy to be seen as a simple way to leave debt behind, but insolvency is a serious business with long lasting effects. Your credit rating will be badly damaged making it difficult to obtain finance in the future, and you will likely lose your home and most of your other assets. Insolvency and debt experts advise exploring every other possible alternative first before deciding on a bankruptcy. News Stories on Bankruptcy:Egg plc Posts £40m Loss - Bad debts and insolvencies push internet bank into the red (31/07/2006)Report Says a Million People Near to Bankruptcy - 1.7m people struggle with their debts, with 1m facing serious difficulties (22/05/2006) Another Steep Rise in Insolvencies - Number of personal insolvencies up 73% over 12 months (05/05/2006) Bankruptcy Rate Rises in Under 25s - Credit counsellors report proportion of clients aged under 25 is growing (13/09/2005) New Record for Bankruptcy Levels - Official figures show number of individual bankruptcies continues to rise (08/08/2005) Fall in Forced Bankruptcies - Proportion of bankruptcies instigated by creditors falls (04/07/2005) Steep Rise in Bankruptcy Among Young - Bankruptcies in the under-30s almost doubled in 2 years (12/06/2005) Personal Insolvencies Hit New High - Individual bankruptcy rises 28% over the year (07/05/2005) Bankruptcy Levels Hit Record High - Personal bankruptcies rose nearly 35% over the year (05/02/2005) Personal Insolvency up 31% - Personal insolvencies on the rise according to government figures (08/11/2004) |
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