KNOXVILLE, Tenn. (WVLT) -- There's another startling symptom of just how much the nation's ailing economy is affecting you and your neighbors. East Tennessee bankruptcy filings are up 29 percent in one year, according to United States Bankruptcy Court statistics.

This is hardly a surprise in this year of record home foreclosures, stock market struggles, and unemployment increases. Still these aren't just numbers, they represent thousands of east Tennessee families who have reached the end of their economic ropes.

Richard Mayer, attorney and partner in the firm Mayer & Newton, says, "We're seeing the same reasons that people has always come to us, medical problems, overuse of credit cards."

As an attorney who helps people navigate the bankruptcy process, Mayer is on the front lines of a war that's being fought more often now.

"Lately we've also seen more cases where people have to file because they've lost hours on their job, They've lost overtime, or they've just lost their job all together. When the economy was good we weren't seeing that many cases like that."

The numbers tell a powerful story. East Tennesseans can file in either Knoxville, Greeneville, or Chattanooga. Since January first this year, 13,737 have filed at the three federal courthouses. That's compared to 10,678 during the same period last year, a 29 percent increase. The increase is even greater at the federal courthouse in Knoxville, where most people in surrounding counties file. Last year at this time, 3,961 had filed, this year the number is 5,193. That's a 31 percent increase. It's not just a problem for the poor.

"Right now we're seeing a lot more middle to high income people and it really is across the board, we've seen some really high earners having to file, we've seen some executives, professionals," Mayer said.

Mayer says you shouldn't think that having to take your troubles here, to bankruptcy court, is a sign of failure.

"What it is is just an option. It's a financial tool and nothing more than that. And if you know your options, you might know the best way to proceed with your financial problems or issues."

Mayer says if you feel like you're in way over your head financially, it's best to consult a bankruptcy professional, like an attorney. He says doing that sooner rather than later may save you a lot of pain and worry.

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