Some of the largest bankruptcies in U.S. history have occurred in the past seven months, led by Lehman Brothers investment bank and Washington Mutual savings and loan. The Obama administration is now threatening General Motors and Chrysler with a government-managed bankruptcy if they don't come up with an aggressive restructuring plan in short order. While the two automakers' woes have captured the headlines, thousands of other firms -- many in retail and real estate -- are quietly trying to avoid bankruptcy court. Last year the number of bankruptcies rose more than 50 percent over the previous year -- to more than 43,000. Some experts say the government needs to step in and lend money to bankrupt companies while other critics say Congress made emerging from bankruptcy almost impossible for some companies when it amended the Bankruptcy Code in 2005.

Barbara Mantel is a freelance writer in New York City whose work has appeared in The New York Times, the Journal of Child and Adolescent Psychopharmacology and Mamm Magazine. She is a former correspondent and senior producer for National Public Radio and has won several journalism awards, including the National Press Club's Best Consumer Journalism Award and Lincoln University's Unity Award. She holds a B.A. in history and economics from the University of Virginia and an M.A. in economics from Northwestern University.