Let's say you have $200,000 in debt that you default on

Snarelure
Snarelure

let's say you have $200,000 in debt that you default on

you can't discharge it in bankruptcy, can't pay it back, debt collectors call you everyday....and you want to escape from this hell....what do you do?

(killing yourself isn't an option)

RavySnake
RavySnake

move to a different country obviously.

BlogWobbles
BlogWobbles

First thing you have to do is get control of your life.

If you don't already have a job, then you need something, anything.

Just focus on the basic essentials of living, such as food and housing.

Then you need to work on getting your income up.

You could theoretically knock this out within 10 years if you were able to throw ~30k at it a year

200k is a lot of debt, but life goes on, and it's certainly not worth killing yourself over.

CouchChiller
CouchChiller

like where? was thinking about canada but the cold is a turn off

TechHater
TechHater

Looking for $URRE$ shills.

Fuzzy_Logic
Fuzzy_Logic

i could pay it off right now, but then i would be broke

would rather start over somewhere with 200k in assets than have 200k in debt

Illusionz
Illusionz

I hear they're sending a bunch of criminals and people who defaulted to Australia

Lunatick
Lunatick

The debt collector part is the easiest:

1. Change number

2. Forward your number to a disconnected number. When you see the collection companies call, don't answer. It will forward to the disconnected number, they'll try calling a few more times, then they'll give up and chalk it up to you being a piece of shit, like you are.

3. Keep number. Answer. They'll ask if you're the loser with the debt. Say, "I'm sick of this! I just got this number yesterday, and now I'm getting all sorts of calls! Unlike the deadbeat who previously had this number, I pay my bills!"

They won't call again.

Harmless_Venom
Harmless_Venom

what about the part where they take me to court/garnish wages/etc? how do i deal with that

Spamalot
Spamalot

well, you'd have to go to court. chapter 11 bankruptcy (i think) prevens garnishment to happen for a few years..

Evil_kitten
Evil_kitten

is it worth the trouble? or is it better to move to asia and work as an english teacher

farquit
farquit

if you want to live in america, yea.

i'm assuming this is student loan debt, am i correct?

SomethingNew
SomethingNew

yes, half is federal and half is private

but if i file bankruptcy, that would be seen as fraud, because i have 200k+ in assets sitting in a trust that i don't want to declare

w8t4u
w8t4u

Watch Fight Club.

askme
askme

but if i file bankruptcy, that would be seen as fraud, because i have 200k+ in assets sitting in a trust that i don't want to declare

well, i might be wrong, but it sounds like they'll latch onto that trust if they sue

federal you can pay on income based, private are loan sharks. it sucks man

lostmypassword
lostmypassword

we gotta future elliott rodgers dad here.

Methnerd
Methnerd

Maybe agree to repayment plan out of your savings.

TreeEater
TreeEater

You have $200k debt.
You have $200k trust.

Just pay it off and start at zero like the rest of us and build your own wealth. 1st world probs...

BunnyJinx
BunnyJinx

are you retarded? i'm not going back to being poor

StrangeWizard
StrangeWizard

You have $200,000 in debts.
You have $200,000 in savings.
You are worth $0.

whereismyname
whereismyname

You need to talk to a lawyer and figure out if you need to launder that 200k. There may be ways to make it untouchable come bankruptcy time, a lawyer or CPA might help. Certainly not Veeky Forums

Nude_Bikergirl
Nude_Bikergirl

Okay I'll play. Two questions.

1) How old is the debt?
2) Does either you or the trustee have access to the funds?

Sir_Gallonhead
Sir_Gallonhead

1. 3 years old
2. yes

farquit
farquit

Okay.

1. Statute of limitations will most likely pass soon. Usually 3-5 yrs depending on what state you're in. Then you don't have to worry about court. If you want to improve your credit score or some shit you can settle the debt for much less after cause they have no legal recourse.
2) If it hasn't passed and you're subpoenaed you should liquidate and try to launder it.

w8t4u
w8t4u

cook meth liken hesienburgh

w8t4u
w8t4u

You are poor on paper dum dum deal with it.
ONE OF US ONE OF US

likme
likme

And what if you get into 200k debt there as well?
If you're in 200k debt maybe you should re-evaluate your life and learn how to solve life problems not be a runaway babby

Methnerd
Methnerd

this! already broke you just have to realize your loss while it's so small.