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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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22660613 No.22660613 [Reply] [Original]

so the other day I realised that in many countries reneging on debt is a civil offence and also that the power of the debtor to recoup their losses is extremely weak. for example, in the UK they have no ability to do asset seizures, wage garnishing, etc. and basically can only hire some fake tough guys to harass you. whats more, after 7 years the statute of limitations on it runs out - at this point they cant do anything!

with this in mind, is it a good idea to just take out as big a loan as I can in one of these countries and then just run away? the safest way I can see this working out is to liquidate all holdings in that country and reinvest somewhere else. at that point, I cant imagine country X would be willing to give up a bunch of income to country Y regardless of how ill gotten it is

could you even be extra cheeky by using the debt as negative gearing against salary, capital gains, etc.?

>> No.22661222
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22661222

>>22660613
Developed countries talk to each other.
If you move to another country and open a bank account. They will want a lot of information about your previous credit and banking records.

You will unironically ruin your finacial life if you do this but go ahead. If u move to a shit hole, might be able to get away with it, but still.

>> No.22661320

>>22661222
I already have an international bank account (transferwise), and only operating in countries supported by them is just another constraint to this plan. I'm pretty sure if I paid cash for a house no one who would care