Bankruptcy for individuals and businesses shot up 29 percent in the 12 months that ended June 30, figures released Wednesday show.

Total filings were up to 967,831 from 751,056 a year earlier, CNN said. Business filings jumped more than 41 percent to 33,822 from 23,889 in the year-ago period. Personal filings totaled 934,009, up 28 percent from last year.

The American Bankruptcy Institute expects filings to reach 1.2 million this year.