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Bankruptcy

I have a potential tenant that recently went through bankruptcy. Should I consider giving him a chance. ? He was in a bitter divorce were he assumed all the debt of his disgruntled ex wife. If you did accept what kind of security deposit and rent collection would you recommend. ? He has a solid work history and has a new family trying to start over. Am I crazy??¿¿

There is nothing crazy about helping a tenant stabilize and bounce back however set ground rules and do not let them take advantage. This is a business and you are trying your best to help them out. If need be and you are worried set up a payment plan or agreement so that they are legally held responsible and knowingly being helped.
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I'd just go with the year lease.  If they stop paying rent and won't move out you have to evict them no matter if they are month to month or a year.  unless of course there is some CA rule that makes it more difficult to get rid of a year long tenant.
I would try to get more of a deposit  to cover the risk of renting to them.
It's your call. But I would not discount outright. If anything, up the deposit.
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