Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Can someone tell me the effects of bankruptcy? - Ok...I have taken sociology and developmental psych. and nowhere in these 2 courses i heard about bankruptcy and what happens to the person after he/she files from bankruptcy...recently I have been hearing my friend's mom that once u hit bankrupcy...it is the end of your life and dreams...do you think its an exaggeration or is it probably true? -