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General consequence when bankruptcy is declared It is always a difficult time when you find that you are earning 99c but regularly spending $1.00. If you cannot turn the position around, personal bankruptcy being declared against you looms as a real consequence. Filing for bankruptcy itself is the most serious alternative when you are in financial difficulties, and the whole situation is stressful, so sharing the problem with your lawyer in the first instance can help clarify the best way forward. The general...