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Monday
Aug302010

More and More Women are Becoming Bankrupt in the UK

Bankruptcy is a sad fact of life for many people.  Since the recession took hold there have been many people who have been unable to make their way through to the other side without becoming bankrupt in the process.

But recent reports seem to suggest that times are becoming generally harder for women as well as for men.  I was shocked to read that year on year figures for the number of women who are declaring themselves bankrupt have increased by some 28%.

The most common age group to find themselves with no option other than to become bankrupt is from 25 to 44.  Just over thirteen and a half thousand women opted for bankruptcy in 2008, and the figure jumped up by more than four thousand.

I think it is disappointing to see so many young women getting into trouble they cannot get out of easily.  It shows that responsible spending habits and a keen eye for personal finances is extremely important.  Of course the circumstances surrounding each person and their debt situation will be very different.  But there is no doubt that many of these bankruptcies could have been avoided if a stricter approach was taken towards personal finances.

It is very important to get proper professional advice if you find you are in a financial situation that is troubling you.  This holds true regardless of whether you have personal or professional money troubles.  If you run your own business and it is struggling to make a profit you may wish to consult with a qualified accountant to ensure you are reporting your situation correctly.

Here at St Matthew we help prepare tax returns and advise our clients on their situation all the time.  Contact us if you would like further details.

 



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    More and More Women are Becoming Bankrupt in the UK - Tax, Legal & Business News from London - St Matthew Accountants London
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    Response: Anthony Alles
    More and More Women are Becoming Bankrupt in the UK - Tax, Legal & Business News from London - St Matthew Accountants London
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    More and More Women are Becoming Bankrupt in the UK - Tax, Legal & Business News from London - St Matthew Accountants London
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    More and More Women are Becoming Bankrupt in the UK - Tax, Legal & Business News from London - St Matthew Accountants London
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    Response: Joe Pantel
    More and More Women are Becoming Bankrupt in the UK - Tax, Legal & Business News from London - St Matthew Accountants London

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