Bankruptcy ruins the credit record of person declared so. No financial institution or bank offers loan to such person afterwards. In some countries bankruptcy lasts for few years and in some countries it lasts forever. That means bankruptcy can ruin things when persons get declared as insolvent.

There is leniency in bankruptcy rules at many places. On secure bases some banks offer credit cards to bankrupt persons. Such persons can submit some amount as surety and they can enjoy credit cards against that.