The Administrative Office of the U.S. Courts released a report last week that showed there were 422,061 bankruptcy filings between April and June this year, an increase of 9 percent from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.

This means that U.S. bankruptcy filings have reached their highest levels since 2005.

From June 30, 2009 to June 30, 2010, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier. Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.

"We know the causes of bankruptcy are principally job losses and health care, with the overlay of the foreclosure crisis," said Deborah Thorne, an associate professor of sociology at Ohio University. "It feels very unsettled, and I'm not surprised the numbers are going up. Until we get our feet on the ground, provide decent-paying jobs, and do something with the housing crisis, bankruptcies will continue to go up."

If you are facing personal bankruptcy, do not hesistant to contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494.