It happens pretty frequently, actually. A man whose family has financial problems feels like a failure, and can take drastic measures so his family no longer has to “suffer.” Sick, I know.
Also, bankruptcy is not the norm where I am from. I have never had to do it, and I do not know anyone who has, including family.
I was curious and looked up stats, and in the U.S., less than 1% of Americans, fewer than 10 out of every 1000, declare it in a given year:
Bankruptcy Statistics: How Many File Bankruptcy Each Year?