Concerns are mounting about rising debt levels

The number of Britons going bankrupt has jumped by nearly 30% during the past year as personal debt levels have reached new highs.

The Department of Trade and Industry (DTI) said there were 10,294 individual insolvencies in England and Wales between January and March 2003.

During the same three-month period in 2003, 8,117 people were bankrupted.

However, the number of firms collapsing is on the decrease.

Bankruptcy key changes Automatic discharge after one year Creditors have three years to deal with bankrupt's home Some bankrupts may continue to pay off debts even after discharge Dishonest, reckless or blameworthy bankrupts could face restrictions for up to 15 years

The DTI figures showed that 3,155 companies went bust between January and March compared with 3,306 for the previous quarter.

In April, new laws dealing with bankrupts came into force.

The new rules are meant to take the stigma out of becoming bankrupt, while bankrupts deemed to have been "dishonest, reckless or blameworthy" in their actions will face extra sanctions.

But some industry figures have said that the new regime will make bankruptcy an easy option.