BANKRUPTCY IN THE UK

There was an increase in the number of people filing for bankruptcy in the UK in 2005. It is believed that a strong economy and low interest rate are responsible for making credit card spending popular in the UK.

According to a survey, about 13% of the Britons are likely to get professional help to overcome their debt problem. The debt problem has intensified so much that an estimated 203,000 people are facing the risk of becoming insolvent. An earlier research had found that about three million people in the UK have an unpaid loan balance of more than 10,000.

Meanwhile, there was an increase in the number of people filing for bankruptcy in the UK in 2005. It is believed that a strong economy and low interest rate are responsible for making credit card spending popular in the UK. Another reason for the rise in tendency for spending on credit cards is that it is very easy to file for bankruptcy in the UK.

A bill has been proposed in Scotland to help individuals and companies who have been declared bankrupt. The bill proposes to curb the right of creditors to sell a debtor's family home.