I found this article while looking for something else. This is a decent, if only brief, look at some of the misconceptions surrounding bankruptcy. The one most people to believe is:
"1. People who file for bankruptcy are financially irresponsible. "There's always going to be some kind of abuse, but it's far more likely that people run into very serious personal problems in one of three areas: losing their job, going through a divorce, or suffering a serious illness," says Walter W. Miller Jr., who teaches bankruptcy law at Boston University School of Law."
Or worse yet, people believe if they file for bankruptcy protection, they will be perceived as financially irresponsible. This has been my experience for the most part.
If you want to read about more misconceptions, this is a short article worth a look: