OTTAWA — New figures show that bankruptcies dropped in May.

The Office of the Superintendent of Bankruptcies is reporting 7,918 bankruptcies in May, down from 8,270 in April and 8,008 in May 2007.

There were 7,364 personal bankruptcies and 554 business bankruptcies in May, bringing the 12-month total to 87,839.

Last year at this time, 85,627 consumer and business bankruptcies had been declared over the previous 12 months.

May's 7,364 personal bankruptcies were 8.4 per cent less than in April and 1.5 per cent less than in May 2007.

Business bankruptcies were down 6.4 per cent from April and up 4.1 per cent over May 2007.