While job creation is growing exponentially as our economy rebuilds, bankruptcies are rising.

How is the job situation improving? Just in March of 2010, U.S. employers added well over 150,000 jobs. A recent  Huffington Post report showed how not only were jobs on the rise, but also wages and salaries are improving. Also, people are now more confident that the economy is coming back. Still, the reasons for job creation are clear: for 2 years jobs were lost, and now businesses are rebuilding and needing workers to do grow.

With this new rush of growth in one of the most important parts of any economy,job creation, you might expect bankruptcies to finally be lowering. Unfortunately, this simply is not the case so far in 2010. In  fact, just in March of 2010 over 150,000 bankruptcies were filed, more than in March of 2009. This is bad  news, but it’s not surprising in that we have yet to effectively stop the problems consumers have had with things such as subprime mortgages and housing values lowering.

With new job creation, there may be more interest in Chapter 13 bankruptcy. With better salaries, many may not have the option of Chapter 7 bankruptcy. And with the problem we still have in housing, you may be able to cut your losses. That may be why so many are still filing bankruptcy, but medical bills should also be considered.

Medical fees have been, perhaps surprisingly, the biggest problem in terms of debt. A recent study pointed out how the majority of bankruptcies were not because of mortgages, but because of medical bills. The news is that this may change very soon with medical reform passed by the president and government.

What are your options for filing  bankruptcy? For individuals, it’s no different today than last year. You can file under Chapter 7 or Chapter 13. If you are married, you have the options of individual or joint bankruptcy.

Chapter 7 bankruptcy is still the most common, even with new bankruptcy code stating how your income cannot be too high. Chapter 13 bankruptcy is more common than ever because of eligibility,and also for home owners who are not willing to lose their residence in exchange for discharging debts.

Joint bankruptcy is when you and your spouse file together, a very common occurrence. There are  decisions to be made in joint bankruptcy: if all the debts are from one person, why not file individually?

Beyond filing bankruptcy, there are alternatives. You can try to handle the problems yourself. It can be daunting, but is possible.

If you’re unsure of your options, consider contacting a bankruptcy attorney for a consultation. You can ask many questions to an attorney before you even hire him or her. Also, if you’re worried about fees, filing bankruptcy itself is very cheap, and experienced attorneys are often willing to work with you on rates. Just don’t wait too long before taking action; it could cost you valuable time, money, and assets.