There are an increasing number of people who are being forced to the point where they have no option other than to declare bankruptcy. One thing that many people don’t realise is that different areas of the country have increased incidences of bankruptcy declarations. This is not to say that people should avoid moving to those areas of the country, but research should be done into the reasons why it is those areas in particular that have an increased rate of bankruptcy declarations. The number of different financial stresses that a person faces will vary from area to area throughout the country.

The fees and bills that you have to pay vary throughout the country as the service providers you can make use of are different throughout the country. The greater the amount you have to pay in bills, the greater the chance that you will end up bankrupt. This tells us that the areas in which financial stress are higher than normal are likely to be those areas where the number of bankruptcies increases faster than normal. The interest rates increases that occurred recently have also spurred people who were on the edge of financial problems into a declaration of bankruptcy.

Currently the research is showing that the greatest numbers of bankruptcies are occurring in areas to the south west. The reasons for this have not been completely clarified, but the trend is unmistakable and as such people should create a financial buffer to prevent them falling victim to the myriad of factors that combine to create a situation where a person has no option but to declare bankruptcy. There is little research so far that provides similar trends for IVA's, possibly because a lot of people are unaware of the frequency with which this alternative to bankruptcy is embraced.

There is also no indication of the number of people who have used bankruptcy mortgages to put themselves onto a sound financial footing in the aftermath of their declaration of bankruptcy. The bankruptcy mortgage can often get you out of financial problems and onto a sound footing if the money received from the mortgage is used wisely. If a person makes use of a bankruptcy mortgage in time, they may be able to prevent themselves having to declare bankruptcy at all. This can help people to enjoy a life of financial stability after the have eradicated the financial problems that were threatening to overwhelm them previously.a