The housing slump is not only causing an increase in foreclosures nationwide but also bankruptcies and it's hitting the Capital City hard too.

One local attorney who specializes in Consumer Bank Law says his practice is doubling in it's number of bankruptcy filings every year.

He says over the past two years and especially within the past 6 months, he's noticed an accelerated increase in the number of folks filing for bankruptcies.

"With the cost of gas going up and groceries going up a lot of these families who used to barely make it are now not quite making it," says Attorney, Allen Turnage, who specializes in Consumer Bankruptcy Law.

Turnage says you might be at risk for bankruptcy, if you find yourself borrowing money to make payments on your mortgage or your car.

Also if you are falling behind on payments, Turnage suggests getting professional financial help as soon as possible.

One certified financial planner says there are some positives when it comes to foreclosures and bankruptcies.

"So its not necessarily a bad thing. The media makes it sound like oh my gosh these people are losing their homes, well it means there are people out there who are gaining this homes at lower prices," says certified Financial Planner, Bruce Hagan.

Turnage says that he's noticed an increase across all age groups, but says over the last 5 to 10 years the senior population has shown a significant increase in bankruptcy filings.

A June 2008 study of bankruptcy activity from 1991 to 2007 found that older Americans 65 and older, made up about 8% of those filings for bankruptcy in 1991 and were more than 22% of that group by 2007.

The study also shows that the number of those 65 years or older filing for bankruptcy has more than doubled over the past 17 years.

Allen Turnage stressed that protecting your credit does sometimes take sacrifice and sometimes that means giving up some wants and focusing on just the needs.

If someone does end up filing for bankruptcy, it will affect your credit.

A Chapter 13 bankruptcy stays on your credit for seven years, while a Chapter 7 bankruptcy doesn't come off for ten years.