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Debt in Swindon `on the rise` New debt management option "a positive step" Consumers `should get advice over IVAs, bankruptcies and DROs` Women `less likely to file for bankruptcy` Councils `filing for bankruptcy for those who fail to pay tax` Consumers lying about finances Rise in bankruptcies revealed Scottish bankruptcies on the rise, new figures suggest Borrowers `accruing more debt before seeking IVAs` Bankruptcies `high in south-west` Landlord bankruptcy enquiries `on the up` Increase in bankruptcy figures for another CAB Bankruptcy "best option" for some households 90% "choosing to `jump before they were pushed`" R3: Bankruptcies and IVAs to rise over next 12 months Insolvencies rise for automotive companies Fuel price hike sparks bankruptcy fears London bankruptcies have "quadrupled" Government department identifies fall in bankruptcy levels Insolvency figures `hide true extent of debt problems`

Bankruptcy "best option" for some households

19/08/2008

The Birmingham Mail has been exploring debt management options in its Birmingham Shopping News section.

In a case study, the newspaper concluded one couple from Redditch, Gary and Debbie (names changed) would benefit the most from declaring bankruptcy after running up credit card debts, water bill debts and rent arrears of over £30,000.

While many households can successfully clear their debts using a debt management plan or Individual Voluntary Agreement (IVA), the couple`s combined income of around £2,000 a month would not cover repayments using these options.

Therefore, taking advice from a debt charity, they decided to declare themselves bankrupt.

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