Rattigan,
We handled a lot of small business bankruptcies and almost all were devastating. We had a client or two who I believed to be scam artists or people with giant egos that outsized their business acumen, but for the most part filing bankruptcy was crushing for the principals.
My experience with personal bankruptcies was different. The situation was quite the opposite. Most of the people who filed bankruptcy as individuals were people with significant emotional/psychological/addiction problems. A few had learned to game the system and would file every few years. Some were just incredibly irresponsible. That's not to say there weren't exceptions. One of the most hearbreaking stories was an older woman who filed to discharge medical bills that had been piling up since she was diagnosed with lupus.
Granted, this is strictly anecdotal and the law firm I worked for was in a poor part of town that catered largely to the underclass, so take it for what it's worth.