19,100 People go Bankrupt in the last 3 months of 2008!

k2nga

Im not surprised to be honest........

dvs

Just saw this on Sky News. I think it's only going to get worse. At least we are not alone.

fermi

http://forums.moneysavingexpert.com/showthread.html?t=1470699

k2nga

Sky news are asking will things get worse before they get better. Well judging on how busy this board is i think you can bet your life its going to get worse.

fiveyearplan

I never thought I'd be a trendsetter!

TehRoflcopterz

I'm thankful that my BR is well under way... I can't help but think that if things carry on as bad as they are now (or become worse), that some new legislation could be brought in to combat the ever-increasing numbers going BR... effectively making it even tougher to go BR?

Probably sounds unlikely, but "desperate times desperate measures"...

fiveyearplan

I agree with you tehroflcopterz. I will be discharged in less than 2 months - exactly 8 weeks from tomorrow!!! Yippee!!

charliewalsh

In this case, I better get my skate on and get a court date ASAP!! I was worried when I saw a thread about 'bankrupt for life' - it did put doubt in my mind and was really worried but now, I think I must give it a go - if it gets tougher in the near future, I will loose my only chance of starting again - I must as well jump off the nearest motorway bridge......thought about that but have no courage to do it! Doh!

Dez-Titute

charliewalsh wrote: »

In this case, I better get my skate on and get a court date ASAP!! I was worried when I saw a thread about 'bankrupt for life' - it did put doubt in my mind and was really worried but now, I think I must give it a go - if it gets tougher in the near future, I will loose my only chance of starting again - I must as well jump off the nearest motorway bridge......thought about that but have no courage to do it! Doh!

Rocketing numbers of consumers and businesses are falling victim to the financial crisis according to latest figures which revealed a 251% rise in companies going bust and a record number of personal bankruptcies. Skip related content
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Record number of people declared bankrupt during the final quarter of 2008


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Companies in administration across England and Wales more than trebled in the fourth quarter of 2008 to 2,018, from 575 a year ago, according to the Insolvency Service.
And 19,100 people were made bankrupt on a seasonally-adjusted basis during the three months to the end of December - 22% more than in the same period of the previous year and the highest level since records began in 1960.
Experts warned the level of bankruptcies and corporate casualties was set to soar further as unemployment rises and the credit crunch means households and businesses cannot borrow their way out of trouble.
The dire fourth-quarter statistics saw the number of company administrations rocket to 4,820 in 2008, which is a 92% rise on 2007.
The new figures also showed the number of companies in England and Wales falling into liquidation in the fourth quarter soared by 52% to 4,607, the biggest jump since the beginning of the last recession in the final quarter of 1990.
The Insolvency Service said the figures mean approximately one in every 150 active companies went into liquidation in 2008.
Insolvency expert Alan Tomlinson, of Tomlinsons, said the data was "frankly horrendous".
He added: "I have been an insolvency practitioner for over 25 years and have never seen so many companies, from all sectors, going to the wall.
"Trading conditions have never been so tough and given the bleak economic outlook it could be some time yet before they begin to improve."

fiveyearplan

charliewalsh wrote: »

I must as well jump off the nearest motorway bridge......thought about that but have no courage to do it! Doh!

Charlie - debt is only debt. Its not important. The things that are important are your family, friends and health.

Lost2

It doesn't surprise me,and to think we are only in the 5th week of a new year
what will it be like by Christmas?