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Debt - Bankruptcy levels at 'all time high' - 18/02/2008
A record number of Britons declared themselves bankrupt last year, new figures from Ministry of Justice show.

Just over 53,000 people petitioned for bankruptcy - a figure one per cent higher than the 2006 total.

Although this represents almost twice the level of bankruptcies of 2004, the new figures show slowing rates towards the end of the year.

The final quarter total of 11,703 debtor petitions was ten per cent down on the previous year's.

A spokesman for R3, the industry body for insolvency practitioners, told the Guardian that he expected bankruptcy levels to increase still further in 2008 due to the credit crunch.

"When you listen to the Bank of England saying the average consumer is going to be worse off, with higher energy bills and high mortgage payments, it is not hard to see more people seeking to go bankrupt," Peter Sergeant commented.

"The number of people going bankrupt is a reflection of the higher indebtedness in the economy and I suspect we will see higher bankruptcy figures for some time."

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