Bankruptcy stays on credit records for at least six years and can severely curtail credit and the ability to get a house, which is why those in debt should do what they can to evade it. “You could have had…

Government figures show that debt levels drove 24,000 to become bankrupt or take out an IVA to manage their debt. Laws introduced in 2002 liberalised the bankruptcy regime, making it easier for people to turn to bankruptcy and IVAs as…

Although declaring bankruptcy can clear debts within 12 months, financial advisers are keen to remind borrowers that they can face further financial problems for years to come. Insolvency can adversely affect a person’s credit rating for up to six years,…

Mr Butler said that there was conflicting evidence to explain the 23,300 personal insolvencies witnessed in the first three months of 2006. He pointed towards “a lot of complete opposites happening”, such as mortgage arrears rising while the property market…

The Consumer Credit Counselling Service (CCCS) said that 12 per cent of people with debt problems that came to see a counsellor in the first three months of 2006 were recommended to declare themselves bankrupt. This is compared to some…