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Increase in Personal Insolvencies


The number of people declared bankrupt owing to unmanageable debts was 13% higher in 2016 compared with the previous year, official figures show.

In England and Wales, a total of 90,930 people were made bankrupt during the past year,  although numbers have risen, they are still well below the peak level of bankruptcies reached in 2010.

In 2015 the amount of personal insolvencies were at their lowest levels in over a decade. These latest figures for 2016 show the tide has turned with the figures increasing. We currently have record low interest rates and high employment levels which is a concern because if either of these change for the worst, the effect would be felt by many individuals and personal insolvencies could increase further.

The Bank of England has recently warned of ‘ballooning levels of household debt’ which is being driven by historic low rates. This is increasing the risk that some borrowers will bite off more than they can chew. As a result, it is expected to see levels of personal insolvency rise throughout 2017.

Clickable Bankruptcy

During 2016, the Government introduced a new system for applying for your own bankruptcy. Applications can now be made online, without the need to go to court.

The new process has also believed to have contributed to the increase in bankruptcy numbers during 2016.

 

To arrange a meeting to discuss your peronal situation call us on: 01527 839920 or email us on: tim@timonthyjamespartnership.co.uk

 


Added: 02 Feb 2017 09:53


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Insolvency Practitioners Association
About Us


We are an independent firm of specialist Licensed Insolvency Practitioners located in Bromsgrove, Worcestershire.

At The Timothy James Partnership, we work very closely with local businesses and professionals, providing guidance on formal insolvency procedures and advice on restructuring businesses.

We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations.