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Government department identifies fall in bankruptcy levels

22/05/2008

A UK government department has identified a fall in the number of individuals facing bankruptcy because of debt problems.

According to information released by the Ministry of Justice, over the course of the first quarter of 2008, the number of petitions for bankruptcy fell by 15 per cent when compared with the same point during the previous year, reports the BBC.

However, government figures do suggest that over the same period, overall debt levels have increased.

"If you are worried about your debts, try not to panic but do not ignore your problem," suggests Citizens Advice.

"Talk to the people or organisations you owe money to and let them know that you are having problems. Most organisations will be more helpful if you approach them first."

The figures from the Ministry of Justice cover petitions in England and Wales and specify a total of 17,931 individual petitions from January to April 2008.

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