BUSINESS POST: Bankrupt: Men more likely to go for broke.

Byline: By IAN JONES

MEN are still more likely to become bankrupt than women and have average scheduled debts of about pounds 46,000, according to a research report published by The Insolvency Service.

The report, Characteristics of Bankruptcy, reveals for the first time, the age, gender, average debts and number of creditors for bankrupts in England and Wales between 2001 to 2005.

Men represented about 61% of those who became bankrupt in 2005, down from about 68% in 2001. The report also shows that the average age of bankrupts has fallen slightly from 43 to 41.

People aged 30 to 39 accounted for 33% of bankrupts in 2001 compared to 32.3% in 2005 while those aged 40 to 49 accounted for 30.9% of bankrupts in 2001 compared to 26% in 2005.

However, the number of bankruptcies among young people aged between 18 to 29 has risen from 7.9% in 2001 to 18.7% in 2005.

Mike Norris, Insolvency Service 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 30s and 40s continue to account for the largest number of bankruptcies and average scheduled debts continue to fall between pounds 45,000 to pounds 50,000."

Regional figures reflect the national profile. Men were still more likely than women to become bankrupt in all of the seven regions, although the proportion of women bankrupts is increasing.

All of the regions show an increase in the number of young people aged 18-29 becoming bankrupt