The number of filings for personal bailouts in South Korea reached a record high in the first 11 months of this year with the full-year figure also expected to hit an all-time high, market watchers said Sunday.

In the January-November period, 101,728 people sought a state-managed bailout, up 5.5 percent from the same period last year.

The market observers said the number would likely top the annual high of 105,885 set in 2013.

The number has been increasing steadily since 46,972 in 2010 to 65,171 in 2011 and 90,368 in 2012, breaching the 100,000 mark for the first time in the country’s history in 2013.

Government-assisted personal bailouts, referred to as the individual rehabilitation program, are designed to give a second chance to people on the verge of insolvency by rearranging credit obligations and legal duties to write off their debts. The program, launched in 2004, is available to people with a stable source of income and less than 1 billion won ($909,000) in debt.

The market observers noted the steady increase in the number of personal bailouts may signal problems from mounting household debts. (Yonhap)