Almost 1.1 million Americans filed for bankruptcy in 2008, a 32 percent increase from the prior year, as the first recession in seven years forced more companies and individuals to seek protection from creditors.

In a downturn, business people like to point out, some truths are laid bare. "You only find out who is swimming naked when the tide goes out," Warren Buffett famously told investors in a 2002 letter. Which is why, after the 2000 dot-com crash, it was the United Kingdom's elite law firms that were found to be revealing a little too much skin.

Discussing the retail sector, with Howard Davidowitz, of Davidowitz & Associates; Harvey Green, of Marcus Millichap; and CNBC's Margaret Brennan - Watch it HERE.

With a credit crunch and mortgage delinquency increasing, many families are considering something they never have before: bankruptcy.

Bankruptcy filings in Washington state are up 40 percent from last year.