More private insolvencies expected this year in Germany

According Bürgel, an agency providing economic data, private insolvencies in Germany are set to increase in the year 2009. This opinion is based on the findings of the “Schuldenbarometer 2008” study. Most affected by insolvencies are the age groups of people between 36 and 45 (33.05%, 39,751 cases) as well as the group of people aged between 46 and 60 (32.16%, 38,688 cases). In 2008 the share of insolvent people older than 60 amounted to 8.8%. Almost 60% of all insolvent people are male.

In total there were 120,289 German citizens who became insolvent in 2008. This means 146 people per each 100,000 inhabitants. As compared to 2007 this was a decrease by 12.2 percent. However, the number of insolvencies varies in several Federal states: most insolvencies were registered in Bremen (236 insolvencies per each 100,000 inhabitants. The smallest number of insolvencies was registered in the Saarland (93 per each 100,000 inhabitants), followed by Baden-Württemberg (109) and Bavaria (111).

According to Bürgel, in 2009 the number of insolvencies may increase to 140,000 cases (+17%). This prediction is among other things based on the increase of the unemployment figure in recent months. It is expected that the economic crisis will soon lead to a rising number of private insolvencies.

More findings of the study are available online. GERMAN

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