UK Money News
18th February 2008
Personal bankruptcy applications have doubled since 2003
The number of Britons submitting bankruptcy requests in England and Wales has more than doubled over the past four years, it has been confirmed.
Government figures show that the number of applications received during 2007 hit a record high of 53,114.
This was up only marginally from the preceding year's total of 52, but represents a doubling of the number received in 2003.
The rise has been attributed to a number of factors including credit card providers cutting spending limits as well as the two rises to the base rate of interest during the first half of the year, which squeezed homeowner's budgets.
Mike Gerrard, head of personal insolvency at Grant Thornton, said that the figures also indicated a changing perception of bankruptcy, but warned consumers that the practice could have more grave consequences than they realised.
He 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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