If you or a friend has gone bankrupt in the past, you may be familiar of some of the problems you run into after bankruptcy.  As a short list you might find problems with are:

1. Applying for a Credit Card:
   Most banks and financial institutions will not even consider someone that has been bankrupt for a credit card.  Usually, you have to wait seven years before you can even apply and even then you might have some problems.
2. Applying for a loan:
   Getting a loan after bankruptcy can be tough.  Even though you may qualify for a loan, in most cases either you have to get a secure loan (pledge something to guarantee your loan in case of default) or pay a higher interest rate.  In lots of cases, places will not accept your application for a loan if you have gone bankrupt in the past.
3. Applying for a Mortgage:
   Mortgages are another area where you might run into problems.  You can run into the same problems as both the loans and credit cards: higher interest rates and you are unlikely to qualify if you are within seven years of your bankruptcy.  One thing you might not have as much problem with would be a bad credit remortgage.  In this case, chances are you will be approved for the next term of your mortgage although you may have to pay a higher interest rate.