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Bankruptcies soar above 1 million

October 03, 2009|Times Wire Reports

Consumer bankruptcies rose past 1 million through the first nine months of the year, the highest since 2005 changes to bankruptcy laws.

Personal bankruptcies totaled 1,046,449 for the period, according to the American Bankruptcy Institute and National Bankruptcy Research Center. For the first nine months of 2005, the figure was 1.35 million.

Personal bankruptcies in September totaled 124,790, which the institute, an organization or bankruptcy professionals, said was the fourth-highest number in a single month since 2005, and up from 88,663 in September 2008.

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