- Wednesday, 1 July 2009Bankruptcy amongst the over-45s increased by 124 per cent between 2004 and 2008, according to research by Wilkins Kennedy.
This represents a rise from 10,600 to 23,800.
A proportion of this may find entering into an
individual voluntary agreement a feasible alternative, however.
The increase in bankruptcy figures comes as a result of multiple marriages and falling house prices, the study suggests.
Anthony Cork, director of Wilkins Kennedy, said: "By the time people hit 45, many will have established a second or even a third family with additional numbers of children and ex-wives or ex-husbands to support financially.
"This could mean people are having to help pay off part of the mortgage for their ex-husbands' or ex-wives' home, contributing to expensive child care and maintenance costs whilst paying for a second set of school fees and mortgage payments from a new marriage."
Bankruptcy across all ages increased by 89 per cent during the same period.
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