Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Will declaring personal bankruptcy hurt my child's application for financial aid when she goes to college? - I am one of many about to declare bankruptcy in this economy. I have practically no savings left. My child will try to go to college in a few months on virtually all loans ( I have no money to give her). She is applying for financial aid and scholarships. Should I try to hold off until after she gets into college before declaring bankruptcy, or does it make any difference in her chance for getting a college loan ? Also, there is an unavoidable divorce coming as well.