RJ and Makay

U.S. bankruptcies rose 8% in 2010, climbing for the fifth straight year, reports the Administrative Office of the U.S. Courts. However, the rate of increase was the slowest since 2005, when bankruptcies topped 2 million as people rushed to file before bankruptcy became more difficult.

In 2010, there were a combined 1.54 million individual and business bankruptcies. Filings by individuals rose 9% percent to 1.41 million on high unemployment while business bankruptcies declined by 7.5% as economic recovery made financing easier to obtain.