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Personal bankruptcies in Florida rise 16.5 percent in 2010

Florida posted the seventh-biggest jump in personal bankruptcies in the country last year, increasing 16.5 percent from 2009, according to an American Bankruptcy Institute report released Monday.

Overall, consumer bankruptcies rose 9 percent nationwide to just over 1.5 million, the institute reported, relying on data from the National Bankruptcy Research Center. Hawaii and California led the country, with bankruptcies rising nearly 29 percent and 25 percent, respectively, a state-by-state breakdown by the Wall Street Journal indicated.

Bankruptcies fell dramatically in 2005 after an overhaul of bankruptcy law restrictions made it tougher to file, but filings have increased every year since then.

"The steady climb of consumer filings notwithstanding the 2005 bankruptcy law restrictions demonstrate that families continue to turn to bankruptcy as a result of high debt burdens and stagnant income growth," ABI executive director Samuel J. Gerdano said in a statement. "We expect that consumer filings will continue to rise in 2011."

Personal bankruptcies in Florida rise 16.5 percent in 2010 01/03/11 [Last modified: Tuesday, January 4, 2011 2:01pm]
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