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The number of people entering bankruptcy is still falling. Figures from The Insolvency Service show that just 7,617 people in England and Wales entered bankruptcy in the third quarter of the year (July-September).
That's the lowest quarterly figure we've seen since 2003 - and it's a huge drop (of around 63%) on the 20,000+ bankruptcies that began back in the first quarter of 2009. Ever since then, bankruptcy numbers have been on a steady downward slope.
There was a major increase in the number of people entering an IVA (Individual Voluntary Arrangement) in the third quarter of the year.
Between July and September, a total of 12,668 people in England and Wales entered an IVA. This was slightly down on the figure from the same time last year, but a 12% increase on the total from April-June 2012.
There's been a big drop in personal insolvencies in Scotland: between July and September, 4,063 people entered bankruptcy or a Protected Trust Deed north of the border.
Breaking that figure down…
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