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Published February 01, 2011, 09:10 AM

Fourth Consecutive Year of Increased Bankruptcies in MN

The number of people filing for bankruptcy increased in Minnesota in 2010 for the fourth consecutive year. Chronic unemployment and mortgage troubles pushed more than 22,000 into bankruptcy last year.

By: Associated Press, WDAZ

MINNEAPOLIS (AP) - The number of people filing for bankruptcy increased in Minnesota in 2010 for the fourth consecutive year.

Chronic unemployment and mortgage troubles pushed more than 22,000 into bankruptcy last year, a 4 percent increase from 2009 and 87 percent higher than 2007.

Nationally, about 1.5 million Americans filed for bankruptcy in 2010. That's 9 percent higher than the previous year.

Bankruptcy attorney Barbara May in Roseville tells the Star Tribune her business traditionally slows down around the holidays, but not this year. May says she was swamped in December.

Economists say there are mixed signals about whether 2011 will be a record year for bankruptcies. Credit data tracked by the Federal Reserve shows revolving consumer credit declined for the 27th month in a row in November.

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