The Iva Advice Blog

Summary

In recent years bankruptcies relating to females have amplified considerably. This article looks at the trends and investigates the reasons.

While concentration has focused on high-profile commercial bankruptcies like that of Cleggs, new statistics declaredby the Bankruptcy Service reveal that scores of people are going bust – and lots and lots of them are women
In the last seven years bankruptcies amongst women intensified by nearly 400%. In truth they now make up forty per cent of all bankruptcies with young ladies under the age of 33 most liable to suffer financial debt .

The data from the Bankruptcy Service publicised that last year 23,176 ladies were declared insolvent, up from only 6,644 in 2001. With gentlemen the figure was 37,975, that’s roughly two hundred and fifty per cent higher than the 15,742 which were declared insolvent in 2001.

This indicates that 5 years ago females made up 31 per cent of bankrupts, but by last year that had increased to thirty eight per cent.

Usually, folks aged between thirty one and forty three are most prone to go bankrupt. But among females it’s the younger ones that are possiblymost at risk, the 27 to34 years of age.

The rapid increase of ladies bankruptcy is may be connected to both overspending when aquiring a loan was too easy and their enhanced vulnerability due to the increasing numbers of women who don’t have the support of family and marriage. It is clear that more women are running up uncontrollable debts as they try to uphold extravagant lifestyles. They want to spend like Victoria Beckham but clearly do not have the income to pay back the debts they run up. It is difficult as they increasingly have to borrow money to get on the property ladder and if they live alone, there’s nobody to split the financial liability.

By and large, some debt management advisers consider that bankruptcyamid females would quickly match levels amongst gentlemen.

However theories by Government Ministers, that women are particularly open to being made redundant were proved wrong by the Office for National Statistics (ONS) last month. It said redundancy within women is running at at 1/2 the rate of men, and a lot more women are protected as a large proportion of them are Government workers.

But the increase in ladies bankruptcy suggest that ladies are suffering for reasons beyond cuts in jobs and pay. Social studies have repetively demonstrated that divorce leaves males much better off than women, mainly because women more often than not take the children.

But if a cohabiting couple split up, the gentleman has no financial commitment to the woman. And between 4 and 5 million Britons share a house.

And a growing number of females have elected to remain on their own either to continue with jobs that may now be suspect, or owing to a benefit system that rewards single mothers but penalises couples.

Most of us get into financial trouble from time to time and some of us rely on our relations to help us out. These bankruptcies amongst females are a product of too manyfemales being alone without financial assistance.

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