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Stupid idea on many levels as has already been stated. One thing that hasn't been said, however, is that he wouldn't have to declare bankruptcy in most cases. Usually you can negotiate with the banks and discharge your debt with as little as 10-25 cents on the dollar. Banks don't really want to go through the trouble of chasing you around and paying to go to court etc. More often than not they will settle a debt if approached properly. After all, some money is better than no money.
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