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Record numbers of people declared themselves bankrupt during 2007, as personal debt problems continued to mount, new figures have revealed.
Statistics released by the Ministry of Justice show that 53,114 people in England and Wales petitioned to go bankrupt in 2007, almost double the figure of those applying for bankruptcy in 2003.
That figure was an increase of more than 400 on 2006 statistics, which were a record for the two countries. The Guardian reports experts are predicting the number of bankruptcies will increase further during 2008.
Peter Sargent, a spokesman for R3, the insolvency practitioners` trade body, said: "The number of people going bankrupt is a reflection of the higher indebtedness in the economy and I suspect we will see higher bankruptcy figures for some time."
According to Credit Action, more than 111,000 people applied for bankruptcy or an Individual Voluntary Arrangement in 2007.
