Bankruptcies were up by more than a quarter last year, to almost 122,000.
The Office of the Superintendent of Bankruptcy reports the total number of bankruptcies hit 121,801, an increase of 25.9 per cent over 2008.
There were also 36,640 proposed bankruptcies, 38.5 per cent more than in the year before.
Bankruptcies include 116,381 filed by consumers, a 28.4 per cent increase over 2008, and 5,430 filed by businesses, a 12.1 per cent decrease.
Total bankruptcies included $8 billion in assets declared at filing, against $17.7 billion in liabilities.
There were 26,235 bankruptcies filed in the fourth quarter of 2009, 0.8 per cent fewer than in the fourth quarter of 2008.