So...are you in favor of this kid being an absolute financial mess for the next 15-20 years by declaring bankruptcy. It's a fool's way out. Look at how crippled United, US Airways, and Delta are now that their credit-worthiness is zilch.
I like the idea that was expressed earlier where this kid should quit school for a semester or two and focus on reducing his debt. Otherwise, his future life (marriage and kids) will be extremely difficult.
I respectfully disagree. I have no idea how old the kid is but I think it's safe to assume he's early twenties. He admits to owning nothing. Thus nothing could be seized by the trustee. It will be a total burden for him to pay off. And it is unlikely that if a credit card company took cents on the dollar to pay off the debt, they would allow him to keep the card.
A bankruptcy is only on your credit report for seven years. It will be off his credit report by age 30. Furthermore, with the number of Chapter sevens being filed, it is likely that when he is ready to buy house, upon college graduation or later, the mortgage company will overlook the bankruptcy as a youthful indiscretion.
Also, he could certainly reaffirm the debt on one of his credit cards and keep paying it so that he does have some emergency access to credit.
Bankruptcy has some downside but for this kid, it wouldn't be the financial death sentence you make it out to be.