London bankruptcies have "quadrupled"
25/06/2008
Four times as many Londoners have gone bankrupt than in 2000, the London Daily News reported last week.
New figures indicate that an average of 201 people declared bankruptcy in each London borough in 2007, a rise from an average of 50 at the beginning of the decade.
The newspaper suggests this number could increase by a further 20 per cent before the end of 2008.
In total, 6,632 people in London filed for bankruptcy last year, an increase from 1,647 in 2000.
An increase of more than 300 per cent was seen in 13 London boroughs including Greenwich and Camden.
There has also been a rise in people choosing individual voluntary arrangement (IVA), according to the newspaper.
An IVA may benefit people who have over £15,000 of unsecured debt. It cancels debt the borrower cannot afford to pay and reduces the remainder to affordable payments over a fixed period.
Gregory Pennington offers advice on IVAs and other debt management solutions. 
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