10 (Grand) Don't Come For Free

New figures show that Bankruptcies are on the up again: 10,901 in the first quarter of this year. That's a 28% increase on the same quarter last year, and the fact that accountants are gloomy about it means things must be bad news.

Many money advisers will own up to contributing to that figure, and that's not necessarily anything to be ashamed of: (excluding the high fees) bankruptcy is now easier, doesn't last as long and is a sensible solution for many debtors. By changing the law surrounding bankruptcy, the government have 'increased demand' for it. And all this is despite the prohibitive fees charged for issuing your own petition (£310 + £150 County Court fee). If the fees weren't there, you would see the figures double or probably treble.

This is the real flipside to the economic 'feel good factor' that is rammed down our throats by the media. It's the only way out for many people trapped in the debt spiral - the veritable 'elephant in the living room' that no one wants to talk about but cannot be ignored for long.