Those who're saying its a crime/fraud or whatever, it is NOT. Lets be honest that there is a loophole in the system. A lot of people do it all the time. Its just that majority of the people are scared of doing this, in the same way majority of people are scared of applying for credit cards (prolly bcoz of all the myths sorrounding CCs as if it is some kind of monster).
If you play it right, there are definitely ways of doing it. The buying and ebay selling seems like a reasonable approach to me. Also I think it is not worth doing if you are only pocketing 75-100k. You will be better off getting some sign up bonuses and going hard on MS for a couple of years. Anything above 100k makes sense.
Also, you're not ruining your credit score for 10 years as someone else pointed. Its only 7 years I beleive in Chapter 7 Bankruptcy. Also, this could be done by only the lower income spouse but I wonder what are the implications if you file your taxes jointly. If you start filing taxes separately for a couple of years and then file for BK, will the other spouse get impacted of the BK?
And who says you need to pay that much interest for 26 months? Just get a few cards like Chase Slat/Citi Preferred/Simplicity at 0% interest for 18 months and you can save a lot in interest.