The perceived social shame of being declared Bankrupt is still the primary reason for avoidance of the tool, by the vast majority of indebted Brits.

A spokesperson for one of the countries premier Bankruptcy specialists has stated that literally thousands of consumers will avoid Bankruptcy at all costs for this reason, even if it is genuinely the most viable route for which to pursue.

He commented that faired against other debt tools that are used by the financially impaired such as individual voluntary arrangements (IVA), Bankruptcy is actually far less drawn out as far as the term is concerned (usually around 12 months).

On average, the term of an IVA lasts for around 5 years and requires the customer to apply serious budgetary restraints during that time. However, the fact that the IVA is a lesser-known tool amongst society is essentially making it the more attractive proposition. 

In other news, the CCCS recently revealed that a staggering 60% of its enquirers refuse Bankruptcy as an alternative to their debt predicament, regardless as to whether it makes more sense for them to do so.