Relationship breakdowns, living beyond your means and sudden income shocks are among the most common triggers for people going bankrupt, figures show.
Statistics released by the Insolvency Service show the characteristics of people applying for bankruptcy in England and Wales between the second quarter of 2014 and the first quarter of 2018.
The figures relate to debtors’ applications for bankruptcy and do not include petitions by creditors for bankruptcies.
In 16.9% of debtor application bankruptcies during this period, “living beyond means” was a reason, according to the figures.
In 14.9% of such applications, a relationship breakdown was a factor.
Other reasons related to a loss or reduction …
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