And, now that he has money, if he doesn't pay back those he stuck before, he is no better than any other lowlife bum who does not pay his bills. To take a loan is to give your word. No man is any better than his word.

How many times have some major companies such as air lines filed and they still fly? I doubt that there are classes that discuss how to use bankruptcy to move forward or make money but most well informed businesses with good financial and legal advice know how to work the system to their advantage. As stated above there are several forms of bankruptcy. The most common form Chapter 11 is a reorg form. This puts the management into the hands of the court system to accept which is the best way for the company, individual, LLC etc. to succeed. All out standing obligations other than secured ones are put on hold and most of those open accounts rarely ever get paid and the judge can determine the payback rates and terms of the secured creditors. Many of these succeed as one can find new businesses to supply if the ones owed money don't want to work with them. Sometimes, many times the unsecured creditors get a term payment plan which many times does not included accrued interest etc. I worked with over a dozen farmers who filed a chapter 12 which is the ag form of chapter 11. About 75% of those succeeded and stayed in business, many having left significant dollars unpaid in the process, putting many farmers who paid all their bills at a disadvantage in many cases.
We are currently in an cycle where many farms have very large outstanding operating and or chattel property debts and open accounts. Many of the creditors are very concerned but are banking on the holding of land real estate values to cover their loans if and when these farms fail. Bankruptcies many times are seen as ways out of the black hole by many and many current wealthy persons have filed many times in their lives.
The one thing to remember is "bankruptcy is what you do to others, foreclosure is what someone does to you" So it is easily evident to see why bankruptcy is seen as good way out by many.

Bryce