Despite glimmers of positive economic data on theeventual road to recovery, first quarter bankruptcy filings in the U.S. hit333,477, thehighest levels since2005 according to data released from The Administrative Office of the U.S.Courts.

Over the period, personal filings rose 33 percent whilebusiness bankruptcy filings rose 64 percent.

For the year ended March 31, bankruptcy filings rose 33percent, to more than 1.2 million.

With regard to a state-by-state breakdown,

California recorded the highest number of filingsduring the quarter with 42,992,followed by Florida with 20,701 and 18,154 in Georgia.

Experts opined that the record number of filings wasushered in by plummeting housing prices and tighter credit markets.

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