The BBC has some figures on the recent increases in the amount of people being declared bankrupt.
More people were declared bankrupt in 2005 than ever before, and although some believe it is down to the relaxation of bankruptcy laws (previously you had to wait 3 years to be discharged, now it is only one year), research suggests that it is more to do with the amount of debt that people are getting themselves into.
Worryingly, the number of companies going bust also appears to be on the rise.