Sunday, February 05, 2006

"Bankruptcy Bubble" in the UK

Here's another look at the "financial distress" theme -- apparently, there is a "bankruptcy bubble" in Britain and it's not popping (thanks to the reader who sent me the article). Could it happen here? Nah, we're special. Besides, the new bankruptcy laws won't let you off the hook so easily now.

Some choice quotes:

The number of British households declaring bankruptcy because of an unmanageable burden of debt hit a record high last year, according to official figures.

Steve Treharne, head of personal insolvency at consultants KPMG, said Saturday: "The bankruptcy bubble is getting bigger, but seems unlikely to burst for some time yet."

The number of households who saw their homes repossessed because they could not meet their mortgage repayments rose by 22 percent in the second half of 2005 to 5,630.

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