By financen | April 29, 2013 - 3:13 pm - Posted in Bankruptcy

According to the Credit Consumer Council Service report posted in 2009, men are more likely to file for bankruptcy than women. Can male attitudes to coping with financial difficulties be a contributing factor?



Studies are keen to point out that men are more likely to try to deal with problems autonomously, in the hope they can find solutions. Women, on the other hand, prefer to share difficulties with close companions, and are far more willing to confide in people they trust. It appears men are more adept at concealing the level of stress they are under, perhaps until it is too late.

It has been suggested that reasons for the inability to seek help at critical moments is down to the way in which the sexes perceive themselves. It is said that men judge themselves by their achievements. A man will feel his image has been restored if he personally can solve his own problems. Oppositely, women react to stressful situations by entering into dialogue.

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While women are as increasingly likely to fall into debt, the amount they owe is significantly lower on average than most men. This may be an indication that women, having shared their problems at an earlier stage, will therefore carry less debt than their male counterparts.

The male inability to open up about financial worries is of great concern, and in most cases couter-productive. 30% of people surveyed suggested that debt was a contributing factor in the weakening or break up of their relationship.

This is of particular concern to men in the 40 – 45 year old bracket, who made up 28% of bankruptcies filing for insolvency during 2009, according to a report by Tenon Recovery. This group are also 10% more likely to find themselves having money difficulties than women.

Of course, these statistics are never able to paint the full picture. If you are suffering with debt issues the most important step is to seek advice immediately. Sharing your problems with others reduces stress and increases your ability to find the right solution.

The sooner bankruptcy advice is sought the better. The solution is never as difficult as people presume. Even though there is still some stigma attached, the majority of applications for bankruptcy in the UK are as a direct result of reasons beyond the debtor’s control; for example, redundancy, loss of a job, or a significant reduction in earnings.

If you have serious levels of debt then you may be considering bankruptcy as an option. This is usually seen as a last resort because of the resulting effect it will have on your financial future and personal assets. Your trustee might consider some of your belongings to be non-essential and they can therefore be sold to pay off the amount you owe to your creditors. Examples of this are likely to be equity in property, cars, jewellery, shares and investments. There are also other disadvantages to be considered:

  • ·You will not be allowed to obtain more than £500 credit unless you first disclose that you are bankrupt
  • ·Any income you have in excess of that needed for your basic needs will have to be paid to your creditors
  • ·Certain trades and professions will not allow you to work when bankrupt
  • ·Credit facilities may also be removed  and after the term of the bankruptcy has expired you may find it difficult to get credit or a mortgage in the future

At present, the cost of applying for bankruptcy is £700. The £175 court fee may be waivered if you are on income support. However, you may consider this administration charge a small price to pay compared to all the pain and stress debt has caused you.

The advantages of filing for insolvency are also worth noting:

  • Once the bankruptcy period has come to an end, all debts are written off. Depending on your circumstances you may be debt free in one year
  • If you live in rented accommodation and are up to date with your rent, you will be able to continue paying the rent
  • Peace of mind that your creditors will no longer have the legal right to pursue you for payment of bills
  • A fresh start
Bankruptcy advice

Bankruptcy advic

There is no reason to deal with all your worries in isolation when you can get professional bankruptcy advice.

For some people bankruptcy is a better solution than living with extreme debt. The daily stress of managing finances while under extreme pressure from creditors is debilitating.

Everyone makes mistakes and to be given a chance at a fresh start in life can never be under-estimated. Those who have declared bankruptcy often experience an overwhelming sense of relief once the order has been passed; a feeling that they can finally get on with their lives. Though there will be a degree of difficulty during and after the bankruptcy, it is nothing by comparison to living with insurmountable and overwhelming debt. Many bankruptcies go on to rebuild their lives. Insolvency is not a barrier to future success, but the first step on the road to regaining control of your life.

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It may seem appropriate to soldier on, but there are trusted professionals whose confidential approach will offer immediate help and support. If you are experiencing problems concerning debt, take advice from specialists who can help to put you on the road to financial recovery.

Amy Fry is a former financial adviser who tends to write about various topics including bankruptcy, IVA and personal finances.

This entry was posted on Monday, April 29th, 2013 at 3:13 pm and is filed under Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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