The code littered with System.out.println is messy and hard to read. Always try to decompose your code to smaller units (methods, classes) that each have a single responsibility.

Using StringBuilder.reverse as @Legato did is clever, but it probably defeats the purpose of the exercise. Here's another implementation that's still simple enough and doesn't cheat.

private boolean isPalindrome(String string) {
    String text = string.replaceAll("\\W+", "").toLowerCase();
    int len = text.length();
    for (int i = 0; i < len / 2; ++i) {
        if (text.charAt(i) != text.charAt(len - 1 - i)) {
            return false;
        }
    }
    return true;
}

Particularly bad elements in your implementation:

• Excessive use of print statements (actually there shouldn't be any)
• Multiple .toLowerCase and .equalsIgnoreCase calls, when you could do .toLowerCase once at the very beginning, and then simply use .equals everywhere
• Since whitespace characters are also non-word characters, .replaceAll("\\s+", "").replaceAll("\\W+", "") can be simplified to .replaceAll("\\W+", "")

The code littered with System.out.println is messy and hard to read. Always try to decompose your code to smaller units (methods, classes) that each have a single responsibility.

Using StringBuilder.reverse as @Legato did is clever, but it probably defeats the purpose of the exercise. Here's another implementation that's still simple enough and doesn't cheat.

private boolean isPalindrome(String string) {
    String text = string.replaceAll("\\W+", "").toLowerCase();
    int len = text.length();
    for (int i = 0; i < len / 2; ++i) {
        if (text.charAt(i) != text.charAt(len - 1 - i)) {
            return false;
        }
    }
    return true;
}

Particularly bad elements in your implementation:

• Excessive use of print statements (actually there shouldn't be any)
• Multiple .toLowerCase and .equalsIgnoreCase calls, when you could do .toLowerCase once at the very beginning, and then simply use .equals everywhere
• Since whitespace characters are also non-word characters, .replaceAll("\\s+", "").replaceAll("\\W+", "") can be simplified to .replaceAll("\\W+", "")