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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Bankruptcies on the rise
Article Category: Debt Management Help and AdviceBankruptcies in the Greater Manchester area rose by five per cent last year, according to official figures released by the Ministry of Justice.
They show that 2,292 people declared themselves bankrupt last year.
This was in line with the general trend in the country as a whole and experts are warning that the long-term outlook remains poor.
Paul Bateman, of auditor KPMG, said that anyone in financial difficulties should seek advice "and act on it".
He added: "If people struggling with
debt lose their home they often give up and either go bankrupt or enter into Individual Voluntary Arrangements.
"The continued pressures from council tax, energy and other household bills threaten to push those already struggling over the edge.
"While many will have to take formal steps to deal with their debts, numerous others may be able to take advantage of informal arrangements and tighter budgeting to avoid the worst effects of over indebtedness."
It appears that for many these measures will not be enough - the black cloud of bankruptcy having already descended.
For more information about debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice. Created on 19/02/2008 13:59:28
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