{"id":418518,"date":"2011-05-06T09:37:56","date_gmt":"2011-05-06T09:37:56","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/06\/fall-in-personal-insolvency-total\/"},"modified":"2011-05-06T09:37:56","modified_gmt":"2011-05-06T09:37:56","slug":"fall-in-personal-insolvency-total","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/06\/fall-in-personal-insolvency-total\/","title":{"rendered":"Fall in personal insolvency total"},"content":{"rendered":"

6 May 2011<\/span> Last updated at<\/span> 05:08 ET<\/span><\/span><\/p>\n

Fewer people were declared insolvent in England and Wales in the first three months of the year despite the Christmas spending rush.<\/p>\n

There were 30,162 personal insolvencies in the first quarter, down 1.7% on the previous three months and the fourth consecutive quarterly fall.<\/p>\n

The Insolvency Service figures show the number was 15.5% down on the same period a year earlier.<\/p>\n

But insolvency experts expect cases to rise again later in the year.<\/p>\n

Records<\/span><\/p>\n

A record number of people were declared insolvent in 2010, but the numbers were falling as the year went on.<\/p>\n

Some people find that Christmas spending adds to debt problems, with credit card bills landing at the start of the year, but the trend of falling personal insolvencies continued at the start of 2011.<\/p>\n

A variety of options are available for those facing acute financial difficulties.<\/p>\n

There has been a sharp fall in the number of people choosing the traditional route of bankruptcy. There were 12,539 bankruptcies in the first three months of the year, down 31.3% on the same period a year earlier, although the total was up from 12,028 in the last quarter of 2010.<\/p>\n

Continue reading the main story<\/a><\/p>\n

Forms of insolvency<\/h2>\n