More People Feeling Hopeless About Getting Out of Debt Leads to an Increase in Bankruptcy

After we just talked about the turmoil of deciding to file bankruptcy or not CNNMoney.com reports personal bankruptcies are up 9%.

Number of Americans filing for bankruptcy continues to climb and the total number of bankruptcies is expected to hit the 1.4 million mark by the end of 2009. The highest number in 4 years.

The American Bankruptcy Institute reported that the 9% increase in consumer bankruptcy filings in October and the 7% jump in business related cases shows the continued stress of the U.S. economy.

Bankruptcies are up 28% from the same time last year.

What do you think? Is the economy to blame for the bankruptcies or are people just taking the easy way out? Is there a whole new keeping up the Jones' going on? Everyone else is doing it. Why shouldn't I?