A record number of people living in England and Wales chose to go bankrupt last year according to the latest figures released by the government. More than 53,100 people petitioned in court to become bankrupt in 2007 compared to 52,717 in 2006. This was an increase of 44% on the total for 2005 and nearly double the 2004's level and does not include the 20,156 who were forced into bankruptcy by their creditors.

Numbers are expected to increase again in 2008 with many lenders tightening their criteria and credit card companies beginning to withdraw cards.

http://www.guardian.co.uk/money/2008/feb/15/debt.personalfinancenews

Bankruptcy is a serious matter. You will have to give up any possessions of value and your interest in your home. Although you will be freed from bankruptcy after a maximum of twelve months, your credit rating will be affected for many years and certain restrictions will be imposed on you.

A debt management plan offers an alternative to bankruptcy - why not contact EuroDebt today? Our long-term goal is to help you become debt free and we can arrange for one of our expert Regional Advisors to visit you personally to assess your individual circumstances and work out the best solution for you.

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