If you're like me, you tend to notice things like the insolvency stats - and spot that they're going up all the time.

In 2009, for example, there were nearly 75,000 bankruptcies in England and Wales. As recently as 2000, there weren't even 22,000. That's a big increase, but the 'headline figure' isn't the only one that shows you what's changing.

Do you know the difference between a debtor's petition and a creditor's petition? Basically, people with serious debt issues can choose to make themselves bankrupt, or one of their creditors might try to make them bankrupt. That explains the two different kinds of petition.

Looking at that massive increase in bankruptcies, you might think it was due to a massive increase in each kind of petition. If you did, you'd be wrong. Almost the entire increase is the result of more people declaring themselves bankrupt.

In 2000, there were around 13,000 debtor's petitions and 8,000 creditor's petitions.

In 2009, there were around 64,000 debtor's petitions, and 11,000 creditor's petitions.

So debtor's petitions now make up 85% of all bankruptcies, as opposed to just 62% in 2000.

More than ever, people are choosing to make themselves bankrupt.

Sometimes, that's the best thing for them to do. Sometimes, it's the only thing they can do. But sometimes bankruptcy really isn't inevitable. A lot of people really need to get some DRO or IVA advice - find out more about Debt Relief Orders or Individual Voluntary Arrangements. These are different kinds of insolvency that could be a lot more appropriate for some people than bankruptcy.

Deciding which one is right for them isn't easy, which is why it's important to talk to an expert before they commit themselves to one path or another.