About a decade ago, the beloved ex-Commissioner of baseball, Bowie Kuhn, was involved in a law partnership that brought him (and presumably, a lot of his clients) a good deal of grief. So when the heat was on, and creditors, the FBI, the IRS, Hamas, and who knows what else began to show up at his doorstep with summons, he went down to Florida, bought a multi-million dollar home with his remaining assets, and filed bankruptcy. And not only got rid of all of his debts, but got to keep his home. Nice....
Some ivory tower intellectuals see this as wrong, and point out here that the current "reform" bill currently stuck in Congress would actually make it easier to pull a kuhn. Even more amusing to me is the fact that "bankruptcy law" is apparently taught in our nation's law schools. Back in the day, when I was at SC we had one of the more illustrious practitioners in the country, George Triester, teach the subject, and most of us would have rather worn bicycle pants and a training bra to school than attend. Back then, bankruptcy was the sort of legal specialty that you did only if ambulance chasing and workers comp proved too difficult. Thanks to a couple of post-graduation recessions (I luv Bushes), the disappearance of the aerospace industry, the '92 troubles, and the society-wide discovery that credit card companies, unlike loansharks, won't bust your kneecaps if you default, bk's are suddenly hot, prestigious even, and I am more thankful than ever that I blew off law school.