Both personal and business bankruptcies fell in July from June, Industry Canada reported Wednesday.

However, figures from the first seven months of this year show more businesses and consumers declaring bankruptcy than in the same period last year.

A total 6,967 individuals and 701 businesses declared bankruptcy in July compared with 7,256 individuals and 763 businesses in June.

During the first seven months of this year 49,730 individuals and 5,398 businesses went bankrupt, compared with 42,766 and 4,695 respectively during the same period a year earlier.