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Johnny

Bankruptcies 'hit Record Levels'

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Bankruptcies 'hit record levels'

BANKRUPTCIES are heading for record levels this year as thousands of people choose to go bust rather than face spiralling debts.

Official figures this week are expected to show a staggering rise in personal insolvencies, triggered not just by creditors, but by the individuals taking advantage of more liberal bankruptcy laws.

One source close to the insolvency profession said: 'There were just under 36,000 bankruptcy orders made in England and Wales last year. The figure is likely to be 46,000 for this year.'

That would be a record, higher even than the 36,794 bankruptcies in the recession year of 1992, when the country was blighted by high unemployment, high interest rates and a housing market crash.

http://www.thisismoney.co.uk/credit-and-lo...page_id=62&ct=5

:huh::huh::huh::huh:

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I can see this as bigger news than the mortgage defaults of last week that led to three news channels declaring the crash.

interesting what they may make of this, this time

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Guest Charlie The Tramp

I can see this as bigger news than the mortgage defaults of last week that led to three news channels declaring the crash.

interesting what they may make of this, this time

The debt problem is now getting massive coverage by the media. The past year it has been effectively swepted under the carpet.

Preparing the populus for the downturn appears now to be the order of the day.

Shock horror I borrowed 50k on my unsecured loan, cannot pay it back and the bank has sought an order for a second charge on my property.

When the Q3 stats are published you bet the media will go into overdrive.

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Guest The Dude

Can somebody inform me on what are the penalties for the person who declares themselves bankrupt.....is it an easy way out for a lot of people to renage on their debts?

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  • 339 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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