Important : Read This First Before You Declare Banruptcy
Bankruptcy must always be the solution of last resort. It really should be because there are all sorts of negative consequences if you declare bankruptcy. While a lot of the social stigma of bankruptcy is going away, you can bet that people will still look at you with a little bit of suspicion and skepticism if it comes out that you have declared bankruptcy in the past. Also, when people do background checks on you, your bankruptcy filing will appear. It is part of the public record.
Bankruptcy also can impact your ability to raise money. This is especially true if you are trying to get venture funding or some sort of startup capital funding. Finally, getting credit cards or getting back on your feet, as far as your personal finances are concerned, is made all that much more difficult by bankruptcy filing.
This is why it is extremely important to try to avoid bankruptcy. Read this book, so you can get a clear idea as to how to avoid bankruptcy. It is not as impossible as you might think.