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Why have we not heard of an increase in bankruptcies?

The obvious conclusion when the economy slows down to the extent we are seeing today is that bankruptcies and serious financial troubles will happen almost immediately. However, this is not the case as many issues we are seeing at the moment will take time to filter down to the person on the street. Many will try to hang on for as long as possible before giving up the fight and seeking assistance or being forced into actions such as bankruptcy.

There is always a substantial lag between a failing economy and rising bankruptcies numbers and we will probably see bankruptcies start to kick in very soon. The numbers are also likely to continue to rise even when the economy starts to recover as more and more people realise they need help with their finances. In Scotland we will see an increase in Trust Deeds, which are the equivalent of bankruptcy in England, in line with the rest of the UK although the Scottish economy has its own issues which include a new local tax system which is set to hit many ordinary tax payers very hard.

Life is tough in the UK and while it is fine to soldier on for as long as you can, people need to take advice where required for their own peace of mind if nothing else. Financial pressures are very stressful and can cause untold damage unless they are confronted head one.

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