Bankruptcy has reached its highest level since records began in the 1960s, according to the government.
Recent government figures reveal more than 12,000 people in England and Wales became bankrupt from the three month to September 31st.
This quarter's figure puts the number of people who were declared bankrupt in the past year at 43,606.
"These figures are only going to get worse in the UK," Steve Treharne, head of personal insolvency at KPMG, told the Daily Mail.
Not only do we have a continuing consumer debt crisis and significantly greater leniency around reduced discharge terms brought about by the Enterprise Act, but we could also see a number of new streamlined procedures if current proposals are implemented."
The government is planning new bankruptcy regulations under which people with debts of less than £15,000 could have their debts written off.To read more about Bad Credit Loans, click here.
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