Well, the first thing to be concerned with is whether any of your property is going to be seized for sale at auction during the liquidation process, but seeing as how most people filing for BK these days own basically nothing, that shouldn't be an issue. And there are the effect to their credit report, but again here, most people filing are in genuine financial distress, and aren't particularly keen on taking on debt ever again, so the actual credit implications shouldn't be much of a concern. However, many employers and landlords check credit reports, so it can be an impediment when finding a job or place to rent. But on the other side of that, there have been a huge surge in bankruptcy filings, and we're only at the tip of the iceberg; chapter 7 and 13 filings have risen to nearly 1 million this year. That's a 28% rise over 2007 and the year ain't even over. Over 5 million families could file next year, and that's a very conservative estimate. It would terrify you to know how many of the households in the USA are insolvent. While that doesn't bode well for the US economy, it does make people who have filed more attractive employees/lessees in relative terms - what, are companies just going to refuse to hire what could be up to 30% of the workforce once the depression is over? I don't think so. ------
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