Tuesday 9th of June 2009
Britons over the age of 45 have experienced the most significant rise in bankruptcy, a study has revealed.
According to accountancy firm Wilkins Kennedy, this age group has seen a 124 per cent increase in bankruptcy over the last five years.
With 23,800 going bankrupt in 2008 alone, many may wish to seek advice on alternatives such as individual voluntary arrangements (IVAs).
Anthony Cork, director of Wilkins Kennedy, suggested that multiple marriages are playing a part, while falling house prices have left those who remortgaged their homes while values were high struggling.
"With the crash, many people now haven’t got much equity, if any, to rely on if they are made redundant or if their incomes fall," he said.
Overall, the firm found that personal bankruptcy has increased by 89 per cent since 2004.
Last week, a Debt Lifeboat study revealed that 20 per cent of students expect to file for bankruptcy or enter into an IVA at some point in the future.
- 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
