The number of U.S. citizens who filed for bankruptcy protection in 2010 was the highest in five years, according to a new report from the American Bankruptcy Institute.
The group is warning that the figure could go even higher as consumers struggle with excess debt and a weak job market.
Roughly 1.53 million consumer bankruptcy petitions were filed in 2010, a 9% jump from 2009.
Most consumers file for either Chapter 13 or Chapter 7 bankruptcy protection. Chapter 13 is often used by a filer to stop foreclosure and save their home by paying arrears over time.
Bankruptcy filings totaled 118,146 in December, up 4% from the same month a year ago, and a 3% rise from November.
The full-year total is the highest since the 2.04 million recorded in 2005.
In November bankruptcy filings fell steeply from the previous month to 115,000 from 130,000. November marked the lowest monthly filing total since February 2010.
