Further rise in bankruptcy levels predicted
Further rise in bankruptcy levels predicted
Wednesday 17th December 2008
Rob Jones, senior lecturer at Newcastle University Business School, said that the economic downturn is making it increasingly hard for people with credit cards, mortgages and other forms of debt to meet their repayment obligations.
Speaking to north-east newspaper the Sunday Sun, he explained: "We are going to see a further rise in bankruptcies and repossessions because of the rise in unemployment and the economic downturn."
However, Mr Jones also stressed that bankruptcy can often have an ultimately positive impact on people who find themselves struggling with unmanageable debts.
"Bankruptcy is one way of putting it behind you. But it is only worthwhile if you learn from the experience and don't get back into the same problems again," he said.
For people whose careers could be put at risk by bankruptcy, such as lawyers and workers in the financial sector, an IVA represents a possible alternative, the Times reported last month.
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