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The Government’s Insolvency Service today revealed 106,645 people were either declared bankrupt or took out an Individual Voluntary Arrangement (IVA) last year.
The figure is marginally below 2006, but dwarfs the 2005 mark of 67,584.
And Mark Sands, director of personal insolvency at accountants KPMG, said the problems of the credit crunch could see this figure leap to 130,000 by the end of the year.
However, while bankruptcies were on the up, one in six IVAs were rejected, because IVA providers and creditors could not agree terms.
An IVA is where people voluntarily enter a scheme which will allow them to pay back nominated creditors over a period of time.
During the final quarter of 2007 these were down by a fifth year-on-year to 10,300.
Mr Sands described 2007 as being a “pause for breath” in the number of people being declared insolvent, before figures start to climb again this year.
Even Celebrities struggle...
WAYWARD Kerry Katona is facing bankruptcy proceedings over her debts of nearly £1MILLION.
The star could lose the roof over her head after blowing a fortune on DRUGS, BOOZE and PARTIES.
As she prepared for her 11-month-old daughter Heidi's christening last week Kerry was served with official papers by the Land Registry Bankruptcy Unit.
They warned her insolvency proceedings were going ahead—and secured her two properties so they can be sold off to pay creditors.
The big spending ex-Atomic Kitten singer and her husband, former drug dealer Mark Croft, have hired a team of insolvency advisors to help sort out their main debts.
These comprise £700,000 claimed by the taxman—including an immediate £200,000 instalment—and £60,000 in loans and credit card bills.
A close friend of the 27-year-old Iceland advert star said: "She was told she needed to pay £200,000 in tax by Christmas. She could lose everything."
Yet last month Mark got a new £127,000 Ferrari—despite having a Lamborghini, Aston Martin, Porsche 911 and Mercedes in the garage of their £1.2million home in Wilmslow, Cheshire.
Now the property, where Kerry lives with Mark and her three daughters, could be sold to meet her debts.
She could also have to sell the two-bedroomed Warrington house she bought for her mother Susan, 47.
Payments
Kerry still owns the terrace property and our source said: "Susan is in pieces about this. She doesn't know where she'll end up."
A spokesman for Kerry said: "The debt now stands at less than £250,000 and will be cleared with two more payments. This arrangement was agreed with the HM Revenue & Customs.
"Kerry believes there is no risk of bankruptcy."
And i thought i had problems !!!!!
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