THE number of people going bankrupt in England and Wales has soared to its highest level since records began in the 1960s.

More than 12,000 people in England and Wales were declared bankrupt during the three months to the end of September - nearly a third more than during the same period last year, according to the Department of Trade and Industry.

In the North-East, there were 593 bankruptcies between July and September, compared to 466 in the same period last year.

The figures are slightly lower that in the previous quarter, when there were 633 bankruptcies.

Overall, the total number of individual insolvencies was 46 per cent higher than a year ago.

The rising record level of bankruptcies reflects the increasing problems consumers are having keeping up with their debts, which have risen to more than £1 trillion.