Bankruptcies in Canada rose 22% in February compared with the same month a year earlier, the Office of the Superintendent of Bankruptcy reported Thursday.

There were 9,495 bankruptcies filed in the month, compared with 7,774 in February 2008.

Most were individuals, with 9,020 consumer bankruptcies in February. The number of business bankruptcies fell, to 475 from 569.

Compared with the January figure of 8,932, February bankruptcies were up 13.1%.

Including proposals — an offer to creditors to settle debts under different terms than originally negotiated — there were 12,320 insolvencies in February, up from 9,829 in February 2008.

IE