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Bankruptcy increases by 7%

17/11/2008

The number of consumers in England and Wales facing bankruptcy increased by seven per cent during the third quarter of this year, it has emerged.

According to Ministry of Justice figures, a total of 13,653 petitioned for bankruptcy in the three months ending in September.

This is identified as the second-highest number recorded by the ministry since 1995.

Commenting on the figures, Howard Archer, chief UK and European economist at Global Insight, said: "Individual bankruptcies are poised to surge over the coming months in the face of recession, faster rising unemployment, higher debt levels, very tight credit conditions and more and more people being trapped in negative equity."

Meanwhile, the Insolvency Service recently released statistics which indicated that 9,746 people entered into Individual Voluntary Arrangements (IVA) across the UK during the last quarter, while the debt possessed by consumers was identified as having reached almost £1.5 trillion by the end of September.

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