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Eleanor Burnham |
 |
Record Bankruptcy in Wales as Debt escalates
June 14, 2009 10:10 AM
The Insolvency Service has released new regional bankruptcy figures showing that there were 3,324 new bankruptcy cases in Wales in 2008, the highest on record.
The figures also showed that there were 2,276 Individual Voluntary Agreements (IVAs) in 2008 in Wales, also the highest on record.
Commenting, Eleanor Burnham , Welsh Liberal Democrat Assembly Member for North Wales said:
"These figures show just how hard the recession is hitting the pockets of families in Wales. This Government has done far too little to prevent the mountain of personal debt to build up among vulnerable households and we are now seeing this debt time-bomb go off.
"The real tragedy is that with so many households going bankrupt, we are likely to see a rise in long-term unemployment, child poverty and homelessness and the government needs to ensure there is real support readily available for families when they need it."
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