A record number of Brits sought to declare themselves bankrupt last year, the Ministry of Justice has revealed.

Figures released today show that 53,114 people petitioned to become bankrupt in 2007 - up from 52,717 in 2006 and more than double the number who sought bankruptcy in 2003.

In all, 73,270 petitions were submitted, meaning nearly three quarters of people who sought bankruptcy actually started the process themselves.

“The perception is that it is now easier to go bankrupt because it will be discharged after one year, but this shorter time frame doesn't change the fact that your assets, for example, your house, are still up for grabs if you declare yourself bankrupt,” said Mike Gerrard, head of personal insolvency at accountancy firm Grant Thornton.

“Those who go bankrupt will also have to deal with their credit rating being shot to pieces for years to come.”

A fortnight ago the Insolvency Service released figures showing that the number of personal insolvencies fell for the first time in nine years during 2007.