Insolvency service reports big rise in bankruptcies

In the first quarter of 2009, 29,774 people have become bankrupt or taken out an IVA. This is a 23% increase in bankruptcy and nearly a 12 % increase in IVA's.

The difference in the growth rates between the two solutions backs up our research that tells us that relatively little is known about the IVA and this is something that the government, creditors and the debt industry needs to collectively deal with.

It is certainly our experience that there is often a way of avoiding bankruptcy if you deal with your debt problem early enough and talk to advisors that consider all of your options.