Chapter 7 and Chapter 13 filings have shot up 18% in Texas according to El Paso Times. But it's not just Texas, all over the country many ordinary citizens are finding themselves too financially strapped to pay for the basics of life plus all of the debt they have accumulated in the past 10 years of financial prosperity. Nationwide nearly 1 million Americans have filed for bankruptcy in 2008 according to the Administrative Office of US Courts . Many of the new bankruptcy filers are individuals who own multiple homes they acquired loans for with no proof of income. These people are finding that they can no longer flip the homes nor can they afford the mortgages which are often ARMs scheduled to reset soon. For them bankruptcy is the only solution.