Re: Bankruptcy...
Something important for your friend to consider is what will happen to his guarantor. Student loans (in the US anyway) are only given when there is a guarantor - like a co-signer. If the borrower fails to pay what they borrowed, it becomes the responsibility of the guarantor to pay it back.
Does your friend have a job? If he does, during the bankruptcy proceedings, the judge will go over his income and expenses and the judge makes the decision as to whether it should be granted and whether part of the guys income should be garnished (taken out of his paycheck).
He can cause more trouble for himself than its worth by trying to wiggle out of his financial obligation.