Female Bankruptcies Soar
Summary
In the last few years bankruptcies linked to ladies have risen significantly. This article looks at the patternsand investigates the reasons.
Whilst attention has focused on major company bankruptcies like that of Winston George and Partners, new statistics declaredby the Insolvency Service reveal that lots of individuals are going bankrupt – and many of them are women.
In the last four years bankruptcies amongst ladies have increased by nearly fourfold. In fact they now make up 40% of all bankruptcies with young ladies under the age of thirty most likely to endure financial.
The statistics from the Insolvency Service made known that last year 23,175 females were declared insolvent, up from only 6,646 in 2002. With males the figure was 37,975, that’s roughly 240 per cent higher than the 15,742 which were declared bankrupt in 2001. And many more have opted for debt management plans.
This purports that 7 years ago ladies made up 30% of bankrupts, but by last year that had grown to 38%.
By and large, individuals aged between 31 and forty two are most likely to go bust. But with ladies it’s the younger ones that are possibly most at risk of getting into debt, the twenty eight to 35 year olds.
The sharp rise of ladies bankruptcy is possibly interrelated to both extravagance when aquiring credit too easy and their enhanced vulnerability because of the escalating numbers of women who don’t have family support and marriage. It is apparent that more females are running up insurmountable debts as they attempt to maintain extravagant lifestyles. They want to spend like Nichole Richie but just do not have the money to pay back the debts they run up. It’s daunting as they increasingly have to borrow more to purchase a house and if they live by themselves, there’s no one else to split the financial burden.
Overall, some debt advisors believe that insolvency among women would quickly equal levels amongst men.
But speculation by Government Ministers, that ladies are especially open to being made redundant were shown to be wrong by the Office for National Statistics last month. It said redundancy amongst ladies is running at at half the rate of gentlemen, and more women are protected as a higher percentage of them work in Government jobs.
But the increase in womens bankruptcy intimate that ladies are distressed for reasons over and above cuts in income and employment. Social surveys have over and over again confirmed that divorce leaves males better off than females, usually because women more often than not take the children.
But if a unmarried couplepart, the gentleman has no financial commitment to the woman. And between 5 and 6 million Britons cohabit.
And a growing percentage of women have choosen to stay single either to follow careers that may now be doubtful, or because of a benefit system that rewards single mothers but penalises couples.
Many of us get into financial trouble from time to time and most of us depend on our families to help us out. These bankruptcies amongst ladies are a result of too manyladies being alone without financial assistance.
If you are heavily in debt, then before you opt for bankruptcy go online for debt management and check out the alternatives.
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