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sounds like bankruptcy is his best best... I'd suggest he scrape up the cash and pay the bankruptcy attorney to file the papers.... it's not that expensive.
As for what can the creditors do to him if he says "Sorry".... his Hell will have only just begun. They will destroy him. He'll never have credit again for the rest of his life. Eventually the collection agencies will take over and extract everything they possibly can from him.... including, but not limited to, his house (if he has one) his car (if he has one) furniture, etc.... as well as garnishing any wages he may be receiving, tax returns, the works....
it's no small matter, and believe me..... you don't just tell your creditors that you're *sorry, can't pay ya*... yeah, they'll start off trying to work out payment plans... but if he takes it to the extreme.... they will redefine extreme for him.
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SIG TOO BIG
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