What the pros and cons and how wouldi go about doing it?
any long term repricussions?
what if i declared bankrupcy and just moved outside the united states with all my shit i bought >?
>>1139793
Have fun never getting a business loan ever again, OP. There is no good reason to file BK when you can let your accounts go to collections, then settle them for pennies on the dollar with the same effect on your credit IMO
>>1139808
My understanding is once collections starts, your credit history has already hit the shitter.
>>1139793
Your assets are sold off and used to pay creditors during bankruptcy proceedings. Keep in mind you have to appear before a judge and explain how your stupid ass got in this mess, too.
>>1139793
>moved outside the country
I've always wondered about doing this. Seriously, buy stuff, ship to Mexico, repeat, just leave, maybe not even declare bankruptcy.
Is this possible?
>>1139793
that's a tasty looking sandwich there m8.
>>1139793
Get 20% of the net worth of your stuff and start giving it little by little to a friend over a few weeks. Make sure the Jews don't know.
Then give a friend all your stuff to hold onto.
Then get the money back from your friend in 1-2 months and if they ask, tell them you sold most of your stuff to cover the debt payments. The money coming from your friend to cover your debts is actually your money and looks like you legitimately sold your goods to try and cover debt payments.
Actually do this so it looks legit. Start trying to pay down some of your debts, with extra money given from your friend.
Then go bankrupt and they will seize whatever is remaining of your money, but you won't lose your stuff.
By doing this you laundered your stuff by resigning their title from yourself. Now, when the bank tries to take your shit, but of the value has been saved at a fraction of the cost.
Now you won't have to move to a new country, you can just have shit credit.
>>1139892
Alternatively, give all your stuff to a friend but make him pay 20% of its value.
Go bankrupt, and they can't sieze the items anymore.
Afterwards, make 20-30% of the value of the items back and rebuy them from your friend.
You may have to sell more liquid items such as a car for higher prices (50-60% of value) so it doesn't look sketchy.
First off its better to never declare bankruptcy ever. Bigger and bigger loans become available to you. You just need to not go crazy. and keep using debt to buy cashflowing assets. If you have a good name people will work with you.
>>1139793
First you'll have 2 years of shit.
Depends on the type of bankruptcy you have.
but, have some cards you will keep. Prestigious ones like amex and chase. Put all the debt on the shitty ones.
Buy your house first. and file the chapter where you keep your house.
You'd likely need to have applied for your first few business credit lines first as well.
maybe file for several businesses as well.
to float you through the rough times. and to have a record for the non recourse loans in the future.
You'd also want to "divest assets" to try to pay back your creditors.
In the meantime you'd want to develop your credit under a pseudonym in a different country. using your US credentials first. So you can move there during the two years your bankruptcy will affect you.
Remember the first rule of investment is know your exit.
>>1139899
>give all your stuff to a friend but make him pay 20% of its value
>what is fraudulent conveyance?
>what is voidable transfer?
>what is criminal and civil fraud?
>>1139793
https://www.youtube.com/watch?v=P0LblbV79tI
>>1140095
What is "not letting the Jews know." Dumbass.
Acquaintance of an acquaintance actually had £20k left to pay on his mortgage, took out a £20k personal loan, paid off his mortgage with the money, then declared bankruptcy
>>1139793
Just remember, most jobs and apartments do credit checks on candidates now as well. So if you declare bankruptcy, you'll probably have a difficult time finding a job or housing in the future.
>>1140444
>BTW
Dont they put a lien on any assets if you owe a bank money?
