Personal Bankruptcies Up 14% This Year

Washington, DC, Nov. 9, 2010 -- The number of personal bankruptcies in the U.S. continues to rise substantially.

In the federal government's fiscal year 2010, which ended September 30, more than 1.5 million non-business bankruptcy filings were processed, according to data released Monday by the Administrative Office of the U.S. Courts.

That's up more than 14% from fiscal 2009, when about 1.3 million personal bankruptcies were filed.

The number of non-business bankruptcies filed last year is the highest since fiscal year 2005, when over 1.7 million personal bankruptcies were filed.

The increase in 2005 came just before Congress amended the bankruptcy code, making it harder for Americans to complete the process.