I don't think anyone knows what bankruptcy is like unless they go through it. Anyone can get in trouble after a divorce ,illness or loosing their job. It's a very humbling experience. The guy that bought the new home after 3 years probably had a sub-prime ARM loan of around 8% or 9%. But the problem I have with banktuptcy is when people start making the same mistakes w/o learning anything from what got them in trouble in the first place. Like signing up for credit cards a year after bankruptcy is over.
I told my 19 year old son that credit cards are evil and few people can handle them so stay away. So he just got his mom to co-sign with him for a new Silverado
