say what kind of a bank gives someone 15k with no collateral to go buy risky stocks. If the guys got no assets bankruptcy is the absolute right course of action (although 15k is not really an amount that would typically bankrupt someone). It is lousy loose and reckless and often predatory lending that is often the problem. If he does declare bankruptcy he will loose all he has and have to start over with a terrible credit score and bankruptcy on his record.