Personal bankruptcy filings in Canada rose by more than one-third in the first quarter of 2009.

Figures released on Tuesday by the Office of the Superintendent of Bankruptcy Canada showed that 35,543 people filed for bankruptcy in the first three months of 2009, a jump of 35.9% from the same period a year earlier.

That figure also includes those who made proposals to creditors to settle debts under conditions other than existing terms.

However, bankruptcy filings by businesses actually fell by 11.2% in the first quarter to 1,796, compared with the January-March period in 2008.

Total bankruptcies in Canada last year rose 12.3% over 2007, an increase driven by personal insolvencies as business bankruptcies dropped 2% year over year.

IE