Just start your own credit card company
(pomf2.lain.la)
New here?
Create an account to submit posts, participate in discussions and chat with people.
You are viewing a single comment's thread. View all
Toast message
1. Amass debt. It will be secured with collateral (house, car etc) or unsecured without collateral (credit cards, personal loans).
2. Upon declaring bankruptcy you go to court and say I cannot pay things back. They will go through your assets and sell them off to pay debt. So car, house, boat, rv, expensive items that can be sold.
2a. There are exemptions varying by state for things like the house you mortgage as a primary residence (usually up to a certain amount of equity) so 1 million dollar house you'll have to sell probably if you own it fully. But if your mortgage is new, you may only OWN or have EQUITY up to a certain limit like 50,000$ usd, which may exempt Most of your mortgage at that point is just debt you owe. You can keep the house if you can affirm to make the payments.
Other exemptions may be your personal vehicle, clothing, home goods, etc etc. Depends on state.
3. Once you file for bankruptcy, creditors have to go through the court to get money from you. So if you are broke and have nothing, they get nothing. The court will decide whether you are legit broke or have enough money to pay them back. So no collections anymore.
4. If the court agrees you are bankrupt, they sell what they can, if you have anything, and dish it out to the people you owe money too. Then they discharge the rest and say it's done.
5. Your credit report, file, rating, will now show you defaulted and went bankrupt. You may apply for new credit immediately like a credit card or whatever. Some bank will probably grant you a new line, unless you really pissed them off, because they want you back in debt. After 2-3 years you can get a full mortgage again. In fact, declaring bankruptcy often helps your case to get more loans because now you don't have that massive debt burden and the banks know you are not allowed to declare bankruptcy for another 7 years.
Here they never write it off, unless you're dead, but at least you get to keep your house, your car, one jewbox and some subscriptions, basically the essentials needed to live a normal shabbos goy boomer life, possibly to allow you to work and pay of the debt.
It's also a lot harder to acquire any significant amount of debt, especially if you're old or sick, (((they))) really wanna make sure that all debt plus interest is paid back.
Seems like the best option here is to simply not have any debt at all, and have as low living costs as possible to pay less. Thankfully houses are cheap outside the cities, utilities are cheap too, easy to cross the border into Sweden to buy stuff cheap there.
Gonna have to look into it more tho, because I'm no expert on how it works here either.
The USA they really want a debt consumption based economy so it's easy to qualify for unsecured debt like credit cards.
Basically the best thing if you have mostly exempt assets is to run up loans and debt, be aggressive with your businesses and not worry too much if you declare bankruptcy. I am basically a middle class peasant with a couple credit cards I never pay interest on and I have like 50k credit limit. At one point I had like 80k credit limit and 40k yearly income. It's absurd.
Banks prey on people getting in debt and paying interest forever.
Maximize the return on your debt maxxx. Run up all your unsecured lines of credit to the absolute maximum, buy shit that is either going to be easily converted to cash, stuff that will help you make cash, or stuff that will make you self sufficient to save cash. Make at least one partial payment after doing so, so it looks like you're trying to pay it back. Then just stop. Don't pay them anything else on UNSECURED credit lines. Now is the time to get rid of any loser secured lines of credit too. Way upside down on a car? Now is the time to stop paying, let them repo it. You'll have only a couple days after missing the first payment before they all get word and start cutting your limits, closing your cards, and freezing everything, so get all of them done quickly.
As soon as they start collections calls, tell them to stop calling and mail letters. They legally have to stop calling you. After 90 days they'll send you to collections and write off the account and stop the negative reporting. The collections company will start calling, tell them the same thing- they'll stop calling you too. Don't confirm the debt, don't do anything to help them find you, don't talk to them ever other than to tell them to stop calling. The collections companies never even reported to my credit report. I did this over two years ago now. My credit score tanked to like 450, and is now up to almost 600 again and I expect to be able to get credit cards and whatever else again next year. I had around $140k in unsecured debt and an upside down car (worth half what the loan was) that I was paying around $5000/mo on and they probably would've had me debt slaving for at least another 20+ years at the way things were going with their 29.99% APR bullshit. Keep paying your mortgage and car payments on cars you want to keep and they won't mess with those. AMA