Social stigma of bankruptcy ‘waning’

Philip Beck, who runs the online service freeivaadvice, suggests that for many British consumers bankruptcy can be the right solution to their debt management problem.

And this less than traumatic experience of bankruptcy, when relayed to friends, family or colleagues has gradually seen some of the stigma attached to the process removed, Mr Beck asserts.

“It used to be something that people really didn’t want to get involved in – even if it wasn’t particularly onerous for them – but that has changed,” he commented.

“There is an ongoing reduction in the stigma people find associated with bankruptcy.”

Meanwhile, figures released recently by the Registry Trust demonstrated that the number of people being issued with County Court Judgments in the UK increased threefold over the course of 2006.