News, Bankruptcy requests rising in Britain. (credit, money, business)

[JD59]

LONDON, May 17 (UPI) -- Bankruptcy applications were up 12 percent in the first quarter of the year in Britain compared to the previous quarter, figures show.

Ministry of Justice figures indicate that during the first three months of 2008, there were 13,080 official requests for bankruptcy status, reversing 2007's downward trend, The Independent reported Saturday.

Bankruptcy requests rising in Britain - UPI.com

[micheelgeorge]

In the UK, bankruptcy is an option set aside for any individual who finds themselves in a situation where they can no longer pay their debts “as and when they fall due”. The actual Bankruptcy proceeding has two basic aims. The first is to free the individual from the rising pressures coming from the creditors to whom they owe money, thus enabling him or her to make a fresh start.
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micheel