U.K. has been seeing an increase in bankruptcy with every passing year as households are struggling with soaring bills and credit card payments. As per the Department for Constitutional Affairs, the number of bankruptcy petitions which were filed in the High Court and country courts in England and Wales between the months of April and June shot by ten percent as compared to the same quarter in the previous year.



Even though there was a fall in the number of petitioners from creditors but the number of people filing for bankruptcy shot by twenty percent to reach the figure of 11,147. As compared to individuals the companies fared better and around 2,800 firms were subjected to a winding up petition which represented a drop of eighteen percent from the previous year.



Certainly something needs to be done to control this otherwise people would never be able to get out of the debt trap.