Thursday 3rd of September 2009
Once a bankruptcy has been declared, it will appear in the London Gazette or a local or national newspaper, one website has reminded young Britons.
The majority of bankrupt individuals are under the age of 30, TheSite.org has noted.
However, many younger people may not be sure what being declared bankrupt entails.
For consumers who want to declare themselves bankrupt before waiting for their creditors to do so, they should contact a county court where staff will advise on which county court would be best to present the petition to.
Indeed, younger Britons may be particularly apt at living above their means and relying on store cards and credit cards to cover their costs, such as cars, holidays and regular shopping, without other financial commitments such as children and a mortgage to meet.
On a national scale, the recent Credit Action report revealed that one person every 3.97 minutes is declared bankrupt or insolvent.
The report also noted that every day in the UK, 20.8 million plastic card purchase transactions will be made, adding up to a total £1.03 billion.
By Ashley Littley
- Alternatives to bankruptcy available, expert notes
- Bankruptcy 'should be a last resort' to tackle debt management issues
- Bankruptcy 'has improved attitude towards debt'
- Insolvency levels rising, figures show
- Negative equity leading to bankruptcy increase, says expert
- Insolvencies up 27.4% in second quarter
