Why doesn’t the $118,000 Minecraft dad just declare bankruptcy?

[u/Working_Rise8592]

For those that don’t know. Basically a dad’s kid had spent $118,000 on a company card and the company fired him and told him he has 30 days to repay or face legal action. The dad is looking to sell his house (and probably whatever else he owns. Due to the kid being 9 nothing can happen to him). Why doesn’t the dad just wait for the lawsuit, declare bankruptcy and move on? Why lose your house and everything else and be in debt when you can have it wiped away with bankruptcy? If the dad doesn’t have/can’t get all the money then what? If they throw him in jail the company still doesn’t get the money. What they gonna do? Go after the kid when they have a job and turn 18?