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Assuming your friend is in the U.S. ...
If he'd maxed out his credit cards / credit lines and has no real assets, the worst that would happen is shitty credit scores for a long while and lots of annoying collectors to deal with for the next few years, since some will still try to collect discharged / negotiated debt from a bankruptcy; was an article in last weeks Business Week about that unethical practice.
However, if your friend owes money to "bad guys", then likely the only realistic option is for him to MOVE FAR AWAY ... as in across the country (or even to another country), change his name, break off contact with relatives, etc for the next several years, or likely even longer.
Getting law enforcement involved, in some limited instances, may work ...
On a related topic, credit card companies, etc can often legally charge "loan shark" rates (30%, 100%, and even more!) by taking advantage of various loopholes, such as operating from South Dakota and other select states that have no limit on interest charged by credit card issuers...
However, personal loans from one person to another in many states are limited to around 10% annual interest.
Good luck - sorry no easy answers when one borrows money from "bad guys" ...
Ron
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Domagon - Website Management and Domain Name Sales
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