My sister declared bankruptcy about 10 years ago, and it was the worst thing that could have happened to her. Yes, at the time she felt she had no other choice. But that choice she made 10 years still lives with her today. The bankruptcy may be cleared now, but she still can't get finance due to her credit history. She would give anything to be able to borrow money for a car and/or mortgage, but she has been declined on many occassions.
Please consider this in great detail and speak to many experienced people in the industry before going ahead with this. It's an awful thing to have hanging over your head.