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Pensioner bankruptcy 'up by 164%'

Published on 6 Jul 2009 under category: legal

An increasing number of older people in the UK are requiring the services of bankruptcy solicitors, the latest figures suggest.

According to a study of statistics from the Insolvency Service by accountants Wilkins Kennedy, the amount of pensioners being declared bankrupt in the last five years has risen by 164 per cent.

This represents a jump from 983 people in 2004 to 2,595 last year.

Meanwhile, there was an 89 per cent increase in bankruptcy among all age groups.

Anthony Cork, director of the accountancy firm, commented: "While the number of personal insolvencies has been climbing relentlessly, the finances of those aged over 65 are deteriorating much faster."

He added that part of this may be due to people taking out large mortgages, which has left them in need of help from bankruptcy solicitors.

Elsewhere, a US judge has given approval to the bankruptcy plan General Motors, which involves a government-backed firm buying some of the automaker's assets.