2009 is the third consecutive year that bankruptcy filings rose across the country. More than 1.3 million people filed for bankruptcy during the 2009 fiscal year, marking a 35 percent increase in filings from 2008. While the majority of these filings were individuals seeking protection under the bankruptcy code, business filings also increased by 63 percent since last year.

Even as national commentators declare the worst of the economic downturn over, the number of bankruptcy filings will likely continue to rise: the national unemployment rate recently topped 10 percent for the first time since 1983 and another batch of adjustable rate mortgages are scheduled to reset in 2010.

People often view bankruptcy negatively, believing it to be a black mark on their record or a sign of financial irresponsibility. Far from a black mark, bankruptcy offers the opportunity to both get out of debt and start fresh.

Learn how filing for bankruptcy can help you get out of debt