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Men are more likely to become bankrupt than women, and have average scheduled debts of about £46,000, according to a report released by The Insolvency Service.
The report, 'Characteristics of Bankruptcy' reveals for the first time, the age, gender, average debts and number of creditors for bankrupts in England and Wales over a four year period between 2001 to 2005.
Men represent about 61% of those who become bankrupt in 2005, down from about 68% in 2001.
The report also shows the average age of bankrupts fell slightly from 43 to 41 in the four year period of the report.
People aged 30 to 39 accounted for 33% of bankrupts in 2001 compared to 32.3% in 2005.
Those aged between 40 and 49 accounted for 30.9% of bankrupts in 2001 compared to 26% in 2005.
In addition, the number of bankruptcies among young people aged between 18 to 29 rose from 7.9% of bankrupts in 2001 to 18.7% of bankrupts in 2005.
Mike Norris, Director of Policy at The Insolvency Service, explained: "The research gives us some interesting information about the characteristics of bankrupts over the period.
"While the profile might be changing in some respects, men in their 30's and 40's continue to account for the largest number of bankruptcies and average scheduled debts continue to fall between £45-50,000."
All seven of the regions examined in the report show an increase in the number of young people aged 18 to 29 becoming bankrupt. The largest increases
were in the Midlands and the South West with increases of more than 12% over the
period.
Source:
Getting Paid
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