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More than three out of every four people applying for bankruptcy in 2007 did so before creditors demanded their debts back, an industry expert has claimed.
Writing in the Times, Steven Gerlis, a district judge at Barnet County Court, stated that while many people were "scared" of bankruptcy - using it only as a last result - a number of people were looking for the "easy way out".
He claimed that many people were seeing the advantages - writing off debts - over the disadvantages, which include a lack of access to credit and the fact that not all debts can be written off.
Mr Gerlis added: "Many debtors still feel that bankruptcy really is a choice of last resort and that the mud will stick for years to come. Others feel it is an easy and convenient escape route from a mounting pile of liabilities."
According to the Insolvency Service, 106,645 people applied for bankruptcy or an Individual Voluntary Arrangement during 2007.
