Bankruptcy numbers in West Midlands treble over a decade

The number of people going bankrupt in the West Midlands has more than tripled over the last decade, new figures revealed today.

National debt charity Consumer Credit Counselling Service said the number of people going bankrupt in the region which stood at 3.8 per 10,000 in 2000 has risen to 14.8 per 10,000 in 2009.

The figures obtained by the charity from the Insolvency Service show 2009 as the latest year for which statistics are available.

Total insolvencies in the region leapt from 1,000 in 2000 to 5,989 by 2009.

In Staffordshire the figure rocketed even faster, soaring from 4.1 per 10,000 people in 2000 to 18.9 per 10,000 in 2009, while the totals jumped from 383 to 2,314.

In Shropshire the figures rose from five people in every 10,000 in 2000 to 17.4 people in every 10,000 by 2009, as the totals jumped from 148 to 689.

The statistics reveal how debt has caught up with families in the region as too much spending came home to roost.

And they add to growing fears for cash-strapped households as unemployment continues to rise and more families face losing their homes.

The Council of Mortgage Lenders is now predicting repossessions will go up from around 37,000 this year to 45,000 in 2012.

CCCS said it fears that the rate of bankruptcies will continue to rise in region over the next few years as the downturn continues.

CCCS expert Delroy Corinaldi, said : "The rise in the rate of bankruptcy in West Midlands over the last 10 years is alarming.

"Anyone in West Midlands who is concerned about their debts to seek advice and support from a debt charity such as CCCS or their local Citizens Advice Bureau as soon as they realise they have a problem. ."