During 2010, individuals in the United States filed over 1.5 million bankruptcy petitions, 71 percent of which were Chapter 7 filings. Though the economy has been particularly tough in recent years, hope is on the horizon as financial experts report that bankruptcy filings are on the decline.

The National Bankruptcy Research Center (NBRC), which serves as one of the premier sources for the most current bankruptcy research and statistics, published findings that January filings were down from the previous year. In February, March and April 2011, the NBRC found that filings continued to decline nationally.

However, Georgia, Utah, Tennessee and California have experienced a higher rate of bankruptcy filings than the national average in 2010.

Rising gas prices and unemployment have compromised some families' abilities to meet monthly obligations. Still, the nation's economy is experiencing an upturn. Companies are creating jobs and some companies, such as Chrysler, are reporting profits for the first time in years. The decline in bankruptcy filings may correlate with improvements in the country's financial picture.

A person should never feel guilt or shame for having to consider bankruptcy. In the past, many saw filing for bankruptcy as taboo; today, however, many people - celebrities, congressmen, business owners and individuals - have sought protection under the Bankruptcy Code. Understanding the process and expectations can lead a person back to the road of financial stability.