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?
Lucas Richardson
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
Owen Adams
>anything gov borrowed. what does this mean?
Levi Wood
>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.
Justin Wilson
>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.
Christian Harris
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?
Matthew Myers
IT means if you don't pay back .gov owed stuff, you go to jail instead.
land of the free boys.
Justin Martinez
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
Oliver Brown
what is government owed stuff? you mean like taxes? what if I pay all my taxes with credit then go bankrupt?
Jose Thomas
>BK it, what does this mean?
Asher Robinson
Bankerupt acronym
Dylan Reyes
Capital one has 34.9% APR Jesus fucking christ thats high
Adam Hughes
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.
Asher Clark
Your BK will also clear after 5 or 7 yrs...
Luis Thompson
I see, So what happens when you BK it? Does it get written off and forgotten about or what happens?
Mason Cooper
So tell me, if you know?
I though buying gold is fucking genius
Lincoln Russell
Your friendly neighborhood tax payer pays your defaulted debts user.
Isaac Morgan
Also, what if my yacht becomes my primary domicile. They surely can't take my home?
Joshua Adams
by taking the now more devalued currency? or higher taxes? right?
Jason Reed
Then go into international waters and live off the ocean
Ayden Martin
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?
Lucas Bailey
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?