Brett was a high school All-American in baseball. He received a full scholarship to a major university to play at the Division I level. He declined the scholarship and instead hired an agent and declared he was eligible for the Major League Baseball draft. He was drafted in the second round and received a signing bonus of $800,000. Brett was living his childhood dream of becoming a Major League Baseball player. Unfortunately, he never made it to the big leagues. Instead of saving and investing his signing bonus, he spent it on expensive luxury items (cars, travel, clothes, a condo, etc.). Three years after signing his contract, he was released. Compounded with his current reduction in income, lack of education, and luxury lifestyle, he is faced with massive debt. Brett is currently employed at a local sporting goods store making $22,000 annually. Over the past three years, he has accumulated the following debts that he still owes: • Sports car: $75,000 ($1,750 monthly payment)
• Condo: $500,000 ($3,500 monthly payment plus utilities)
• Credit cards: $25,000 ($1,000 minimum total monthly payments at a 18.9 percent interest rate)

Brett has debt collectors knocking at his door to repossess the sports car and foreclose on the condo. The credit card companies are assessing him with late fees because he cannot make his payments on time. He is trying to sell the condo; however, the housing market where he purchased it has not been seeing many sales lately.

What type of bankruptcy would you recommend and why?