Well, upon reading that note my reaction was that he was totally trying to play on your sympathies with that "woe is me" crap. My response these days to anything like this is "you choose the actions, you choose the consequences." The only reason you should be concerned is if his filing for bankruptcy will negatively affect you. He has been financially irresponsible and now wants you to help him? Whatever! Definitely wait to see what your L says before making any decisions.
If you love somebody, set them free. http://tinyurl.com/2empx2g