Research released today shows that men are almost twice as likely to become bankrupt than women, with average debts of £46,000.

The gap is narrowing, however, with men accounting for 61% of bankruptcies in 2005, compared to 68% in 2001. The average age of a bankrupt is now 41, down from 43 in 2001. A noticeable trend is the rise in the number of younger people declaring bankrupty, rising from just under 8% in 2001 to nearly 19% in 2005. This supports widely held opinion that younger people are viewing personal bankruptcy with less stigma and increasingly as a lifestyle choice to unburden themselves from debt.

The Insolvency Service is responsible for managing the affairs of people declaring bankruptcy and has produced today's research.

Mike Norris, Director of Policy said:

"The research gives us some interesting information about the characteristics of bankrupts over the period. While the profile might be changing in some respects, men in their 30's and 40's continue to account for the largest number of bankruptcies and average scheduled debts continue to fall between £45-50,000."

If you are considering bankruptcy it is crucial to get good independent advice. This is available free of charge from charities such as National Debtline and Citizens Advice. Beware of heavily promoted offers to reduce your debt which are often run by insolvency practitioners and debt management companies that cannot offer you independent advice.