More people in Swindon are going broke and declaring themselves bankrupt.

Figures just released show that the number of people, while small, has doubled since this time last year and there is every chance that the increase will continue.

And those people, who have declared themselves bankrupt, have debts of about £46,500.

Accountants KPMG, who have analysed the figures, say that in Swindon in the first quarter of last year the number of people who petitioned for bankruptcy was 76. That has risen by 96 per cent to 149 cases this year.

Swindon is not alone in this because the trend has reflected across the UK where a record high of people declared themselves bankrupt.

This follow closely on the heels of figures from the Insolvency Service showing Individual Voluntary Arrangements (IVA) also at record levels.

The figures reveal that 13,897 people bankrupted themselves and 7,656 agreed a voluntary arrangement in the UK in the quarter from January to March 2006.

This means that a total of 21,553 people took the steps to place themselves into personal insolvency a record of 90 per cent of all personal insolvencies.

This is an increase of 105 per cent on the 10,530 people who did this in the same quarter last year.

John Bangham, director of personal insolvency at KPMG, said: "Earlier this year we saw a dramatic increase in the number of people calling help lines and asking the Citizens' Advice Bureau and other organisations for guidance.

"The volume of callers seeking advice on debt is likely to be a major factor in this latest leap in people accepting personal insolvency as the solution to their problems.

"There is also a rise in the number and size of commercial firms proactively looking to advise those in financial difficulty which should be taken into account.

"In addition, part of the increase in voluntary arrangements is driven by former students who, following the changes to the law that mean that student loans survive bankruptcy, are resorting to IVA which they see as a salvation from debts.

"Although the number of IVAs has shot up by 155 per cent petitions for bankruptcy have increased by 85 per cent to 13,897 and remain much more popular than IVAs.

"This suggests that bankruptcy has lost much of its stigma and is still seen by many as the easier option.

"However, the groundswell of those with spiralling debt problems is so great, that demand for both solutions is increasing dramatically."

According to KPMG's analysis of IVA data, the average debtor proposing that kind of arrangement owes a total of £56,753. Separate figures from the Insolvency Service show that the average bankrupt has debts of £46,587.