I think what Freck was trying to say in short was. Buy everything you want on credit. Start a small business. Buy a house you cannot afford and a car to. Lots of other things.
Then file bankruptcy.
You will not lose anything but your credit. Meanwhile you will keep the things you have bought. In two years of paying your bills on time you will have sub par credit and still own your business.
You can buy anything but a house on the credit you have. But then again you already bought your house (from the time you got to stay in it without paying anything) from the foreclosure, the sale of what they let you keep and the business thrown your way by the help from the government on contracts, lol.
So you get a mortgage for free. Plenty of business thrown your way and tons of perks like No Tax that year on the business. What A Deal.
So yes Bankruptcy is good if you know how to play it.
And you wonder why we are in the "trillions" in debt in this nation
But then again...
No one ever said a "Politician" was a "Businessman"
Which is why Jefferson's views still hold true on politics should "never" be a Career