[ramonesfreak]

the pros should be obvious.

the cons can be many, and complex. ive have not filed. i used to practice bankruptcy law before the laws changed. your friend needs to sit down with someone and discuss. the consultation should be free

As far as one's credit. It will not be as negative as you might think. Once your debts are discharged in bankruptcy, you are a far better credit risk. Its surprising to many how quickly the credit card companies start calling once the bankruptcy is complete...scarry!

The biggest con is that you are at risk for losing your assests. House, personal possessions if valuable enough, cash....the bankruptcy trustee, depending on how aggresive they are, can come to you your house and inspect your property.... oh, nice gun collection!...gone! 911 ...gone!

i hope you dont treat your friend the way sammy would. some people have terrible things happen to them and keeping up with monthly payments becomes impossible no matter how much effort the person puts in. ive filed thousands of bankruptcies for people and the vast majority, 95%, felt absolutely terrible, ashamed, helpless and hopeless and had obviously struggled for a long time to avoid it and the majority, if not about half of the people, had serious health issues - heart attack, motorcycle accidents, cancer....