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Bankruptcy rises among women

With structures in place to provide alternatives to bankruptcy, why are bankruptcy figures rising? Even with options such as Individual Voluntary Arrangements (IVA), statistics show that 28% of British women declared bankruptcy in the last year.

Women aged between 25 and 44 appear to be most affected, with two thirds of female bankruptcies falling within this age bracket.
These figures indicate that women in financial difficulty may not be aware of the choices available to them. Many are opting for bankruptcy to resolve their debt problems without fully understanding the implications.

If you owe more than £15,000, it is worth exploring the alternatives to bankruptcy such as an IVA to alleviate your financial obligations. With an IVA, your finances are kept private and your home is not at risk. A bankruptcy order can be made public and your home is likely to be used as an asset to pay off your debts.

It is thought that the growing numbers of debt-laden is the result of many women wanting to maintain spending lifestyles beyond their means. Many women have embraced this lifestyle choice which has been encouraged by the government, with devastating consequences. The solution is for people to be better educated in financial management to help rid themselves of debt.

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Category : Insolvency news,Personal Insolvency — Tags: , — admin @ 11:16 am August 9, 2010