Men facing bankruptcy owe up to 60% more than women on average, with debts amounting to a colossal £91,000, research by KPMG has found.
Analysis of Ministry of Justice (MoJ) figures by the international firm shows that men who lose control of their financial affairs face bankruptcy more frequently than female debtors.
The difference is even more pronounced in particular regions, specifically the South East, which has the largest majority of male bankrupts at 63% owing £100,000, while the remaining 37% are female, owing £73,000.
Female bankruptcy victims tend to be slightly younger than men, three years on average, but there is a difference of six years in the Midlands, where male bankrupts are typically 43-years-old, while female bankrupts are 37.
Despite the figures, actual cases of bankruptcy are beginning to spread equally between Britain’s sexes.
Figures from the Insolvency Service show that the number of women going bankrupt has risen almost fivefold in the past 10 years, with an increase of 28% last year alone, while the Consumer Credit Counselling Service says 51% of the people it recommended bankruptcy to in 2009 were female.
A leading consumer solicitor believes bankruptcy should be a last resort and more can be done to avoid it.
Andrew Leakey, a Partner at Stephensons Solicitors LLP, said: ““Bankruptcy is a serious step. It involves all of your assets passing to the official receiver, who will then take the decisions about how those assets will be used to pay off your debts.
“If you’re struggling to stay afloat during trying economic times, the best advice really is to seek advice as soon as possible to make sure that bankruptcy remains a last resort. There are alternatives and we may be able to help people avoid bankruptcy.”
Stephensons’ consumer team is one of the leading specialists in the country in dealing with debt problems on behalf of clients.
The firm has developed a website, www.debtandrepossession.co.uk, where people can obtain free initial help. There are various funding options open to people, including legal aid and conditional fee arrangements, also known as no-win, no-fee.
For more information visit www.debtandrepossession.co.uk or call the free helpline on 0800 694 0189.
ENDS
About Stephensons
The latest edition of Legal 500 ranks Stephensons as a top 60 UK law firm and the fifth largest legal practice in the North West. The firm has 29 partners and more than 350 staff in Manchester, Wigan, Bolton, Leigh and St Helens. For more information, visit www.stephensons.co.uk.
Media information: Lianne Tracey
Stephensons Solicitors LLP
T: 01616 966 229