Should someone file for bankruptcy if they have no assets (no home, old car, no savings) and their debt is all credit card debt, which is now largely non-dischargeable in bankruptcy. Also, debtor is unemployed.
This is in a state with a 4-year statute of limitations on consumer debt and it has been several years without the credit cards filing suit. Pretty sure the debt has been turned over to collection agencies several times over by now. In fact, the 4 years is about to run out.
What are the chances that the collection agencies/credit cards will file lawsuits right before the SOL expires if the debtor is still unemployed at that time and has no assets to seize. Will they even waste their money on attorney fees to file suit? What does the debtor have to gain by filing bankruptcy?