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U.S. Consumer Bankruptcies Rose 9% to 1.5 Million

U.S. consumer bankruptcy filings rose 9 percent last year compared with 2009, reaching 1.53 million, according to the American Bankruptcy Institute, which projected 2010 bankruptcies totaling 1.6 million.

The pace of bankruptcy filings slowed in the last quarter, with fewer petitions in October and November than during the same period a year earlier, according to the Alexandria, Virginia-based ABI. The slowdown at the end of the year was the result of more consumers reducing debt and cutting spending, ABI Executive Director Samuel J. Gerdano said today in an interview.