Bankruptcies have reached record levels in Norfolk and Suffolk, with numbers rocketing by more than a fifth in some areas over the past quarter.

Both counties have seen a rise in bankruptcies of 2pc over the last quarter, according to insolvency data released by the Department for Constitutional Affairs last night, but Cambridgeshire has seen a 1pc fall.

King's Lynn stood out with an increase of 22pc up from 68 cases in the first three months of 2006 to 83 for the same period this year. In contrast, Norwich showed a decline of 2pc, with cases down from 293 to 287.

The figures are driven by people choosing to go bankrupt, with more than 15,000 nationally doing so.

Mark Sands, director of personal insolvency at financial consultants KPMG, said with high average debt levels it was “unsurprising that we are seeing more and more people choosing personal insolvency as the solution to their problems”.

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