Nationwide, home foreclosures are up 30 percent from a year ago. Nebraska is well below that number, but recent events can have a devastating effect on family finances. Some are even considering personal bankruptcy. But is it a viable alternative?

Bankruptcy attorney John Turco says for many people, bankruptcy is their only option. "If you're already at the bottom, if you have enormous credit card debt, you're being sued, collectors are calling, and you ask me, ‘how is this going to affect me,’ I think it's going to affect them in a positive way, because it's already terrible."

There are two different types of bankruptcy for individuals. Chapter seven is for those who have few assets and don't make a lot of money. It wipes the slate clean of debt.

But if you own a house or have a larger income, chapter 13 bankruptcy can help you find some financial relief without costing you your home. But it will require some of your debt to be repaid.

"That's a huge concern that our clients have,” Turco says, “They come in and say I've been in my house for 20 years. I've got kids. I don't want to lose my house. So the first thing is we take a look. Do you have income? Do you have a way of funding a partial payback of your debts?"

But Turco says bankruptcy is not for everyone in a financial bind. "If you're able to struggle through it and buckle down and cut your expenses and get some extra income coming into the household, then my recommendation is if you can avoid bankruptcy, you should. If it's not necessary, don't do it."

Turbo says job changes, medical expenses, and divorce are the most common reasons people file for bankruptcy.