The North East of England has more personal insolvency and bankruptcy cases than anywhere else in the country, according the new research.
Research by insolvency trade body R3 showed that you are more likely to experience bankruptcy or apply for an individual voluntary arrangement (IVA) if you live in the North East, compared to other areas across England and Wales.
The report showed that there were 5,923 new insolvency cases in the North East, with 29 in every ten thousand people declaring insolvency. The average insolvency cases per ten thousand in London is just 17.1 people, while the UK average is 24.3 per ten thousand.
Seaside towns have also been hit hard by new insolvency cases and show that debt problems in coastal towns are common. Torbay, a popular South West holiday area, had a recorded 45.8 new insolvencies per ten thousand, while the town of Hastings recorded 36.9.
The President of R3, Steven Law, said: “It is unsurprising that many of the top ten insolvency hotspots are coastal towns. T