Monday 18th February 2008
Applications for bankruptcy in the UK hit record levels last year, government figures reveal.
Over the course of 2007, 53,114 Briton submitted requests to go bankrupt, a slight rise from a figure of 52,717 during 2006.
However, this represents a doubling of the number of bankruptcy applications witnessed in 2003.
The rise this year has been attributed to consumers struggling to meet debt repayments as well as the impact of the two rises to the base rate of interest in the first half of the year.
Commenting on the figures, Mike Gerrard, head of personal insolvency at Grant Thornton, told the Times: "The perception is that it is now easier to go bankrupt because it will be discharged after one year, but this shorter time frame doesn't change the fact that your assets, for example, your house, are still up for grabs if you declare yourself bankrupt.
"Those who go bankrupt will also have to deal with their credit rating being shot to pieces for years to come."
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UK economy
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