The rate of personal insolvencies in King’s Lynn and West Norfolk has significantly increased over the last two years, official data has revealed.
In 2015, 17.6 adults per 10,000 were declared insolvent in the borough, according to Insolvency Service figures.
However by 2017 that figure had risen to 21.6, an increase of 22.5 per cent.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with an official body to pay off creditors. This can include being declared bankrupt.
The England and Wales average is 21.4, with Stoke, in Staffordshire, having the highest insolvency rate of 45 people per 10,000 in serious debt.
Read the full article at: https://www.lynnnews.co.uk/news/22-5-increase-in-bankruptcy-9004771/