The numbers of people going bankrupt was rising during 2018 and 19 compared to previous years. However in 2020 there was a dramatic fall.
The most plausible explanation for this is Covid 19 and the associated Government support. Any drop in individual incomes due to furlough seems to have been more than offset by the access to financial assistance schemes such as mortgage and loan payment holidays.
The big question is whether this trend will reverse when Government support is withdrawn. Job losses and unemployment may start to increase once this happens (as some are predicting). If so, the number of people in need of assistance with their debt may well begin to rise again.