Yes and it has been the favoured option for many students.
I also know of one guy local to me who was made bankrupt in around 2001 for not paying builders for work they had done and one got fed up and chased him to bankruptcy. He had a real "Silver Tongue" and after being discharged started doing the same again as previously. He has recently been made bankrupt for the second time and in this case owed over £2 million and mostly to banks. After a year he will be discharged and I have no doubt will start all over again, the only difference being that this time the banks wont touch him.
Paul