An Insolvency Service report’s main findings were that men were more likely to become bankrupt than women but the proportion of women is rising, while the proportion of younger bankrupts (18 to 29) had doubled.
In addition, female bankrupts tended to be younger than male ones and the percentage of cases with debts over £20,000 had increased. The average age of a bankrupt had also declined from 43 to 41.
A report on bankruptcy levels comes after the Department of Constitutional Affairs’ report in May which showed that the number of bankruptcies had risen by 57 per cent on the same quarter a year ago.
Although laws have been relaxed that make it easier for people to declare bankruptcies, there are other options to getting out of debt, such as Individual Voluntary Arrangement (IVAs).