Bankcruptcies Hits Five Year Low but Not Reflect the True Financial Difficulties

Personal bankruptcies hit a 5-year low, with only 6,663 recorded in Q1, a 27% drop from the previous year. Personal insolvencies, including debt relief orders and individual voluntary arrangements, also decreased to their lowest in five years, totalling 25,006.

However, this may not reflect the true financial difficulties faced by many households. Debt patterns are shifting, with more people falling behind on essentials like council tax and energy bills.

Our knowledgeable, friendly team can talk you through the options available, and help you understand the process.

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