Worse than living with 60k of debt? At an interest rate of 9% that would make more than 5 grand a year in interest payments alone. Even if you started a well paid job immiediately (say 20k) you'd be taking home maybe 1150 a month and paying out 40% of that on interest, without touching the total amount owed by a penny. Thats without considering his credit cards, though someone mentioned 20k on those at god only knows what interest rate.
As I understood it (or not!) bankruptcy prevents you from becoming a company director without the courts approval, rather than only directors being able to become bankrupt.