A couple of years ago the news was filled with items about the new Individual Voluntary Arrangements under which over-extended individuals could declare a sort of bankruptcy-lite and freeze their debts but keep their assets.
Over the past year I've been expecting the news to report regularly on an increase in IVAs, yet I can't find a mention. Particularly not on the BBC. Their last story was in June of last year. This finance blog carries some interesting stats that suggest that IVAs have actually been falling year on year - as full blown bankruptcies increase. If you've lost both your home and your job, it seems bankruptcy is the better option. The site says "In KPMG’s view, DROs, together with the expected increase in unemployment, are likely to lead to record levels of personal insolvency of more than 150,000 in 2009."
Now there's a thought for our newly unemployed bankers. Why not set up as an insolvency practitioner?