WHAT IS BANKRUPTCY?

How does bankruptcy work? Can I just go into debt, go bankrupt and have it written off? Apparently, Trump has declared bankruptcy many times. Can I get credit cards, buy gold and a yacht, bury the gold, declare bankruptcy, get it written off, go dig up the gold, chill on my yacht?

I mean, if the world is insolvent and this inevitable crash is mathematically guaranteed to happen soon anyway, why should I care about bankruptcy?

Your debts will clear aside student loans, anything gov borrowed.

You'll have to return yacht and start at 0 again.

Most people take out and hide cash or stick it in credit unions to secure it.

Your taxes will show proof you can't afford the junk you've purchased

>anything gov borrowed.
what does this mean?

>Trump has declared bankruptcy
Trump has never declared bankruptcy. His businesses have.
When you go bankrupt (Chapter 7) your debts are wiped out, but you also are at risk of having your assets taken to satisfy those debts. You can usually keep your car and your house, as long as they aren't too fancy or don't have too much equity in them.

>Trump has declared bankruptcy many times
HE has not.
Many of the COMPANIES he has owned has.

During bankruptcy you surrender your assets to the court, which will liquidate and distribute to your creditors.
Unless you have student loans, those can't be defaulted on. Also after that your credit is kinda junk. You'll have to pay cash for everything.

so what if I pay my student loans off with credit - then go bankrupt. Would my student load still be paid even tho I went bankrupt paying off the student loan?

IT means if you don't pay back .gov owed stuff, you go to jail instead.

land of the free boys.

You can run up capital 1 credit to max, BK it, the next day they send you 1k credit offers again. It's a fucking game

what is government owed stuff? you mean like taxes? what if I pay all my taxes with credit then go bankrupt?

>BK it,
what does this mean?

Bankerupt acronym

Capital one has 34.9% APR
Jesus fucking christ thats high

American financial literacy at its finest.

>tfw i'm american
OP. Self-education is very valuable. I get that you're just a junior in highschool and your public education isn't going to teach you any of this; but you have access the the world's knowledge. There's really no excuse for being this dense.

Your BK will also clear after 5 or 7 yrs...

I see, So what happens when you BK it? Does it get written off and forgotten about or what happens?

So tell me, if you know?

I though buying gold is fucking genius

Your friendly neighborhood tax payer pays your defaulted debts user.

Also, what if my yacht becomes my primary domicile. They surely can't take my home?

by taking the now more devalued currency? or higher taxes? right?

Then go into international waters and live off the ocean

yeah - theres no way they can take my yacht if I live in international waters right? What if I come back to land on occasion? will they take my shit then?

So when the government pays for all their expenses and goes into debt, all taxpayers pay for that too, right? with devalued currency. And there are businesses going bankrupt all the time right, so why should I not?

What if I start a company, max out its credit, have the company declare bankruptcy, chill on my yacht?

Wheres the bad part?