Viability of bankruptcy?

[Shiela Zhao]

What are some of the long lasting financial side effects of declaring bankruptcy after a bad investment? I caught up with one of my old school mates, who has found herself in crippling debt after blowing all her seed capital on a unit that didn't turnover. She suffered a pretty serious car accident, and has not been able to make payments on her cards and expenses for the past 4 years. I would recommend she seek bankruptcy as a potential option, but I thought to ask you, biggerpockets community, first.