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Bankruptcies by individuals up 9 percent in 2010

| Wednesday, Feb. 16, 2011

Bankruptcies climbed 8 percent in 2010 over 2009, rising for the fifth straight year as consumers turned to court protection from creditors, government data showed on Tuesday.

Individual and business bankruptcies combined rose to 1.54 million, according to the Administrative Office of the U.S. Courts, but the pace was the slowest since 2005. Filings that year topped 2 million after individuals rushed to file for bankruptcy protection before changes in the law made it more difficult to obtain.

Filings by individuals rose 9 percent to 1.41 million in 2010, as the unemployment rate stayed above 9 percent. Business bankruptcies declined 7.5 percent as economic recovery began and financing became easier to obtain.

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