Bankruptcy Questions on the Rise

The number of consumers seeking answers to bankruptcy questions is on the rise, according to information gathered from the American Bankruptcy Institute. That organization tracked a 14% increase in bankruptcy filings during the first six months of 2010, for a total number of 770,117 bankruptcy filings. This is the highest number of bankruptcies recorded since 2005, just before the Bankruptcy Abuse Prevention and Consumer Protection Act took effect. According to the ABI, the record number of bankruptcies can be blamed on high amounts of consumer debt coupled with high levels of unemployment and the housing crisis. The agency predicts that the number of consumers filing for bankruptcy will reach 1.6 million by the end of 2010.

The top four questions  are:

What are the different bankruptcy chapters?

Should I file for bankruptcy?

What are any alternatives to bankruptcy?

Should I hire a bankruptcy attorney?