New figures from the Insolvency Service reveal that after a dramatic rise in bankruptcies claimed by British women in the past five years, women now account for 40 percent of those declaring bankrupcy in the UK.  In 2000 there were 6,042 bankrupcy claims by British women; in 2009 there were 29,680.  This is a 500% increase, with a 28% claim in the last year alone.

In particular it is younger women who are struggling with the burden of their debt crisis.  Women between the ages of 25 and 44 make up almost two-thirds of female bankrupcies in the UK.

In this age of supposedly "aspirational" figures on the front of magazines like Heat or More, there are now debt consolidation celebrities.  Prominent gossip magazine figures like Kerry Katona have seemingly moved from promoting supermarkets to advertising the need for effective debt management.  In addition to bankruptcy claims, women are also pursuing other debt solutions such as an IVA / Individual Voluntary Arrangement, or are looking for the best debt management plan available to them.

Some women's rights organisations hold the view that the issue here is not that women are less capable of managing their finances than men, but that by and large, women still earn less, own less and have lower earning potential than their male peers.  This can be exacerbated by divorce settlements which often leave women worse off than men, unavoidable single motherhood and a reduction in personal fortunes after a career break to look after children.  This often leaves women thinking "I need to declare myself bankrupt", and unfortunately, often not aware of other, better solutions available to them.

If you are facing serious debt problems and are contemplating life after bankruptcy, take action today and contact Escape Debt.  We can help you to manage your finances and offer professional bankruptcy advice that you can trust.  For IVA advice, advice on bankruptcy and other debt relief solutions, call Escape Debt.