U.K. Bankruptcy Parallel U.S. Filings

Most bankruptcy info seems to come from the U.S., probably because the U.S. has the most sophisticated (and complicated after the new law was passed) bankruptcy law in the world.

Here is an interesting article about bankruptcy in the U.K.: One million face bankruptcy in UK – Irna

Some of the figures seem to parallel U.S. filings,

• $18,000 average unsecured debt
• low interest rates and easy credit entice debtors
• most U.K. debtors site overspending as the basis for excess debt
• Unemployment, redundancy, illness, divorce, leaving work to have a child and loss of overtime were also listed as factors