A question I have come across more regularly is whether or not someone will lose their security clearance if they file bankruptcy. People employed by the federal government, the military, or government contractors often have security clearances based on their access to confidential government information. The United States Air Force Legal Academy states that while the status of one's security clearance can be affected by a bankruptcy, it does not result in an automatic revocation of the security clearance.
The issuing government agency will look at the factors leading up to the bankruptcy. These factors include determining whether the bankruptcy was caused by financial irresponsibility or factors outside the employee's control, such as unpaid medical debt from a recent surgery. The government may have more of an issue with individuals with gambling debts as opposed to a mortgage that has doubled in monthly cost, but it likely will not be a huge.
In fact, having a large amount of outstanding debt may have more impact on a security clearance than a bankruptcy would. Bankruptcy is a a federal government approved means of dealing with significant debt and bankruptcy may actually be seen as a sign of financial responsibility.
Lastly, as a further note, Section 525 of the U.S. bankruptcy code prohibits governmental units from revoking or suspending a license or discriminate with respect to employment against a person that filed a bankruptcy. While there are always cons to filing bankruptcy, the loss of a security clearance and possibly employment likely is not one.