Corporate America has a message: bankruptcy is about moral depravity. It isn't about medical debt and job loss, not about ex-spouses who die or who run off. and it certainly isn't about anything the lenders might have done--like high fee mortgages with introductory teaser rates or credit cards with interest rates that quadruple when a customer is late paying another creditor.

At the least, it suggests that bankruptcy is a signal that the person is not very good at handling their finances. Thus, not the greatest choice for a stable lifestyle....