Please Explain: Bankruptcy

Bankruptcy rates went up 32% in 2008 compared to the previous year. Marie Beaudette, blogger for the Wall Street Journal’s Bankruptcy Beat and Dow Jones Newswire reporter, and Robert Lawless, Galowich-Huizenga Faculty Scholar at the University of Illinois College of Law, explain what filing for bankruptcy means for corporations and consumers and why the rate of bankruptcy filings is expected to go up in the next year.