Ah yes "friends". Not something that propelled you to your current position then? The ramifications from a bankruptcy can involve losing your home, and or diffculties in being able to finance one in the future. Loss of competitiveness when others can borrow money and you cannot.
Problems with families and relationships when money that might have been available to you, now isn't.
It is all very well to promote the idea of bankruptcy as a harmless and inconsequential solution, justified by your perception of the folly of others, but it is at best irresponsible and should come with a serious health warning.