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Debt: bankruptcy levels rising

19/05/2009

New insolvency figures have shown a significant rise in the number of bankruptcies in England and Wales over the past year.

In its latest Insolvency Bulletin, the Ministry of Justice says there were 16,775 debtors` petitions (applications from the borrower) in the first quarter of 2009, a 29% increase on the same period last year and a 9% increase on the previous quarter.

However, the number of creditors` petitions (applications from a creditor for a borrower`s bankruptcy) fell to 4,535 in the first quarter of 2009 - a 5% decrease on the first quarter of 2008 and a 4% decrease on the previous quarter.

A spokesperson for Debt Advisers Direct commented: "It`s worth noting that while the number of creditors petitioning for borrowers` bankruptcy has fallen, debtors` petitions for bankruptcy have risen significantly.

"Some borrowers may think about petitioning for bankruptcy before they have considered other options, such as an IVA [Individual Voluntary Arrangement]. We advise anyone struggling with unmanageable debt to speak to a professional debt adviser before they reach any firm conclusions."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according