What is stopping someone from doing the following:

Sounds like if you calculated it all out, like exactly how much in loans to get, from where, how to get your plane ticket, exactly how much money to get on the exchange, a madman could probably do it and then make a movie about it 40 years later.

But would you really have to leave the country though?

Like let's say I plan on changing to a new country anyway. Should I still declare bankruptcy or simply not pay it back?

And if I started liquidating my crypto in a foreign country wouldn't somebody from the US notice and try to seize my assets?

Well, getting the loans would be the most difficult part. I mean, it all depends on that, really.

The rest is easy, you don't need to rush or run, you won't be imprisoned for not being able to pay back a loan.

Step 1: Get loan
Step 2: Buy crypto
Step 3: Make untraceable by moving it around, tumbling, whatever, paper wallet
Step 4: Oh no Mr. Shekelstein, I can't afford that loan payment, I lost it all gambling and on hookers
Step 5: Declare bankruptcy
Step 6: Buy a cheap plane ticket to X
Step 7: Withdraw some of your cyrpto that has likely increased in value
Step 8: Live comfy
Step 9(optional): Return at a later date to home country some years later, declare your new found riches from your African market stall empire

Probably not. You could just declare bankruptcy, but I'd still say it would be better if they left since it's another layer of protection in case the tax man starts poking around when you're buying a new house after just declaring bankruptcy

The companies can and will sue you for fraud and require you to appear in court.

Failure to appear in court in that case becomes a crime and a warrant will be issued for your arrest.

That's the only hole I can find.

most people dont have the desire to become an expatriate targeted for financial fraud and replace their job now with a lifetime job of constant opsec and wondering if you covered all your bases. although the idea is nice, it's like a modern version of catch me if you can

How is that different than someone who gets all the loans, withdraws it as physical cash, and then hides his cash in a box buried in the woods?

Isn't the risk here still simply being sued for fraud?

You aren't fucked for life in the US if you fuck your credit. Bad debts reset after 7 years except student debt that is federally backed and some medical debt I believe.

Nah, they won't know it's fraud for a start. And there is no way they could prove it's fraud. I mean, you can quite simply say you lost your money, or forgot/lost your private key, etc.

They'd make you appear in court, without a doubt, but what can they do? They can't put you in prison for being broke

You overestimate. As soon as you're declared bankrupt, move to a shit country for a while. There is literally no way they can prove that you didn't just lose your key and now can't afford to pay back the loan.

Because you can't physically move the cash to another country. You can't pass border checks carrying hundreds of thousands in cash. You can carry a billion of bitcoin on a usb and literally no one would ever know.
See: Satoshi probably carries 2.8 billion USD on him

>But would you really have to leave the country though?
You wouldn't have to necessarily but if you're on the hook for shit like a house, car, gazebo etc. then you'll have legal action taken against you for these debts. You won't go to prison but you'll be forced into bankruptcy which probably still wouldn't absolve you, and you'll get fucked face-first with wage garnishes. Plus forget borrowing money for a long time - you won't even be able to get a phone contract.

Ideally, you could do what I did and hold dual citizenship (thanks to my parents) build up a decent credit score, buy a few grand worth of electronics and pay day loans and fuck off to my other country with plenty of money and start again. Back home bad debts get absolved after 5-7 years, and i'm about 4 years in, but I got no rush to go back.

Anyway I wouldn't be so sure about ripping off major banks for hundreds of thousands and then trying that. Seems like a good way to get extradited, especially if you aren't a citizen of wherever you're taking refuge. Though I don't know much about extradition, let alone your country's extradition policy, so maybe try it and tell us how it goes.

>wage garnishes
did you even read OP? nothing about that plan involves "going back to a 9-5"

Alright then my question is, since hiding assets after declaring bankruptcy is a criminal charge with up to $500,000 in fines and five years imprisonment, it seems like it would be better to simply liquidate all your assets into crypto and then walk away from the debt instead of filing for bankrupcty.

If you file for bankrupcty you will be charged with fraud and a warrant will go out for your arrest.

If you simply walk away, you are not a criminal and can still return to the US but all (nonexistant) assets you retain in the US will be taken.
Since crypto literally cannot be seized, this seems pretty foolproof.

>Ideally, you could do what I did and hold dual citizenship (thanks to my parents) build up a decent credit score, buy a few grand worth of electronics and pay day loans and fuck off to my other country with plenty of money and start again. Back home bad debts get absolved after 5-7 years, and i'm about 4 years in, but I got no rush to go back.
Lol, did you actually do this? Nice one, desu, lad. How much you get in total?

didn't read the whole thread but everyone's missing a big step

"launder money through xmr"

just running your btc through xmr temporarily and into a new wallet as btc makes it harder to track

Yeah we're talking about leaving a job, so there's no "wage garnishes" and nothing the US can do about assets not in the US.

See I explicitly covered this.

Are you by chance Korean?

Declaring bankruptcy probably isn't going to land you in prison. I mean, people have probably done exactly what I said and blew the whole wad in Vegas, or betting, whatever.

Put it this way: You have to seriously fuck up to end up in prison, and even IF you went to prison, it would be for a couple of months, if that.

You could be out of the country by then, you could be literally anywhere. Bonus: Some place whereby you can occasionally access the net and check how your free investment is doing.

Lets say I borrowed 200k from various lenders, whatever. Sell everything I own, and buy Bitcoin.
From there, I go through the process of obscuring the money so it cannot be traced, and once I'm sure it's untraceable, I simply don't pay the loan back.
Now, at this point I can either a) Leave the country before the time lapses on payments b) stay in the country, declare bankruptcy, claim you lost/gambled/spent said loan, possibly do a few months prison time for fraud (probably unlikely) before being a "free man", my debt has potentially been wiped since I'm bankrupt and they know I'm broke (depending on your country)
At this point, I'm on paper as "bankrupt", but I have 200k (probably worth more now) in untraceable crypto currency which can literally be transported anywhere in the world easily.

If you declare bankruptcy and are suspected of fraud, you have to go to court or you can go to prison. If you don't, you lose the case automatically and it's considered fraud, so they can imprison you for that.

What's the downside of just walking away instead of declaring bankruptcy? The only reason people declare bankrupcty I can see is that the US can't take away some of your assets if you do that, like your house.

But just walking away carries none of that.

If I had nothing in life this wouldn't even be that bad.

Do debts get passed on to next of kin or something in some countries?

You'd probably be extradited to the U.S. for fraud once they unraveled your case. Considering you'd have to apply for citizenship to the country you run away to, you wouldn't be hard to track.

In some countries, probably, but even then... I don't think it would fly these days.

Yeah, so you go to prison and a few weeks/months there.

You leave and your BTC is probably worth 3 times as much

That was why I said declare bankruptcy. You can leave the country and say you're starting fresh after all of the bullshit. You won't be extradited since there won't be a case, the case was you being bankrupt/declaring bankruptcy.

>You'd probably be extradited to the U.S. for fraud
But I "spent all my money."
I'm just wondering if they can seize a house I buy in a foreign country.

Trilema / mircea popescu (if you dont know who that is, you are indeed, a newfag whether you like it or not) literally suggested something very similar to this just a few weeks ago.

dont even need to declare bankruptcy. why would you? Just leave, you're not coming back. Ever.

I still think you'd be sued for fraud either way though.

If what said is true, I think what you need is a reason for having withdrawn the money in the first place.

Like say you were going to start a business so you made the loan, but then lost it all and declared bankruptcy.

You need some kind of story which explains why your case was not fraud.

>You'd probably be extradited to the U.S. for fraud once they unraveled your case. Considering you'd have to apply for citizenship to the country you run away to, you wouldn't be hard to track.

> running to a country that has extradition agreements with the US

well thats just stupid.

>why would you?
The guy above me made a good point, that you can be sued for fraud either way, but with bankruptcy it's easy to get out of it with a story, whereas just walking away might be worse.

Once you're sued for fraud, if you're in a country where the police cooperate with the US, which most civilized countries are, then they will arrest you criminally and put you back in the US.

nerdwallet.com/blog/finance/can-you-be-arrested-for-debt/

>In about one-third of U.S. states, creditors can use the judgments to get arrest warrants for failing to comply with a court order.

AHA. And we have found the loophole. Move to a freedom state.

About $13000ish USD was my final count, it was all iPhones, iPads, speakers, etc. just electronics (and those selfie stick things as well, they were just taking off but no one was selling them. Buy 1 for $5 and sell it for $20) Ended up just selling heaps of it cheap. Went to a pretty big holiday destination staying in 2-star hotels and making friends in bars, picking up some native girl and then a day or 2 later saying something like "i've gotta get back home because my ex froze my account, look i'll sell you my iPad/headphones/whatever for $300, got it for $800 only a month ago" then i'd go to a different place and start again. When that started drying up I moved to my other citizenship country, got set up with some old friends here and went back to being a regular asshole.

Fine, but if you're not leaving the country you can't really just disappear off the grid that easily. There's a good chance that shit goes tits up and he'll need an actual job again.

You simply comply with the law and declare bankruptcy. Go to court, say you're like the other thousands of schmucks they see and you blew it all on whores and gambling, or you misplaced your private key.

As I have said, If they decide to throw the book at you, and give you prison time, you'd probably only get a few months anyway! After which you can leave, and you're probably free to move to any country you want without being "wanted"...

Also, no.

Nice one lad
Admirable to outjew the jews desu

You're declaring bankruptcy, and when the creditors look into your purchase history they won't find that you spent money on blow and hookers, but instead made massive investments into cryptocurrency through some exchange websites. They'll smell your bullshit from a mile away and put you in handcuffs before you can even get on a plane, most likely.
m.wsfa.com/wsfa/db_383191/contentdetail.htm?contentguid=w84FpDpP
Pick your favorite

Not really, you can say you literally paid the hooker in BTC, you can say you lost your key, you can say you spend it on a dice site, whatever.

Furthermore, you have at least 2-4 months before they begin chasing you for payments of the loan, or whatever it is.

It's entirely possible, I'm telling ya

He's israeli.

Posted by someone who doesn't own a house and probably doesn't own a car. If you actually owned a house you wouldn't think of doing retarded shit like that. You might get away with like 50k in total, which is enough to live for some time, but not forever, in a shithole country that won't extradite you back to your home country. And you can't ever return to your home country or any civilized country for that matter, because your passport will expire and you will be stuck in a shithole for the rest of your life, essentially without citizenship. And good luck cashing out your btc over there. Does that still sound like a good deal to you?

You obviously didn't read the thread moron

You're acting like it's a murder or something

I did read the whole thread. Are you going to actually respond to something in my post, or disagree in some way with what I said?

1. The amount you can borrow depends on your personal circumstances.
2. Extradition doesn't even need to apply, (again, read the fucking thread)
3. Bitcoin will likely have increased in value over time
4. Passport expire? Motherfucker, what the fuck are you talking about? You're not living off the grid as if you're a on the run criminal. You're borrowing money, defaulting, complying with relevant authorities up until you are released/declare bankruptcy, at which point its optional to leave the country just like any other man
5. Why good luck cashing out? You're not going to be fucking traced by the Jason Bourne of fucking banking, you're debt will have likely been long forgotten and/or out of the reach/not worth chasing up.
You're fucking stupid and have obviously watched too many movies. Declaring bankruptcy is common, billionaires do it all the time, multi-millionaires do it all the time, etc.