Financial prospects for Main Street just keep getting worse. CNBC reports that bankruptcy filings rose by nine percent during the second quarter of 2010 — the highest quarterly level in a half-decade.

There were 422,061 bankruptcy filings between April and June, according to the Administrative Office of the U.S. Courts, up 9 percent from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier…

Quarterly filings surpassed 400,000 for the first time since a record 667,431 bankruptcies were begun in the fourth quarter of 2005, when Congress overhauled federal bankruptcy laws and made it harder for people and businesses to file.

The news comes as the national unemployment rate hovers around double-digits, economic growth slows, private sector wages drop, and both manufacturing and durable goods orders slide. Never mind the dropping consumer confidence level.

How are those big government economic policies working out? Have increased regulations and out-of-control spending bills somehow lead to an economic recovery? You tell me — that is if you can find time between waiting on the unemployment line and filing for bankruptcy.