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I always get questions from clients about how bankruptcy will affect their credit in the future.  I always tell them that bankruptcy is not near the social or economic stigma that it used to be, primarily because so many folks file bankruptcy, even large corporations such as GM.  A recent Parade Magazine article is not too bad in highlighting this:
http://www.parade.com/news/2009/08/16-how-to-bounce-back-from-bankruptcy.html