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

/biz/ - Business & Finance

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1117351 No.1117351 [Reply] [Original]

Alright /biz/, which one of you was this

>> No.1117357

forgot sauce

http://news.nationalpost.com/toronto/ontario-man-filed-for-bankruptcy-after-using-credit-cards-to-get-120k-cash-advances-writing-275k-worth-of-bad-cheques

>> No.1117358

>>1117351
POO IN THE LOO
O
O

I
N

T
H
E

L
O
O

>> No.1117369

damn he beat the system

>> No.1117370

>>1117369

He sort of did. While his life may initially be sticky he'll work it out soon and stabilize. Come to think of it, he's fucked up a little, I don't even know what the life limitations are with bankruptcy, can he even do so much as get a cell phone plan?

>> No.1117371

What did he think was gonna happen? Dumb as loo tbqh senpai

>> No.1117375

not a bad way to go if you have nothing to lose

I mean not the way this guy did it, he's obviously going to jail, but like

>be broke
>get all the credit cards you can
>max out cash withdrawals
>put it all on black
>50% chance you can pay it back same day, cancel the cards and keep the profit
>if not just declare bankruptcy

>> No.1117376

>>1117375
>declare bankruptcy AND have no money

that's no better than what the guy did

>> No.1117377

>>1117375
why not just ship the cash and file for bankruptcy. dirty gambling degenerate.

>> No.1117378

>>1117376

This guy probably spent the money on coke or something, if he just has the cash laying around he won't get to keep it

>> No.1117380

>>1117377

you'd get extradited from any country worth being in

>> No.1117386

>>1117380
you're lowering the expected value of your scam when you visit the roulette table. if you don't see that then you aren't /biz/.

>> No.1117387

>>1117370
People don't care about your credit history if you pay in cash.

>> No.1117390

>>1117386

I'm saying my way is legal, not a scam, that's the benefit

If you lose the cash you can show where it went and they don't have any beef with you

If you bury it in the woods or whatever they will track you for the rest of your life and send you to jail the second you touch it. Or probably just directly from the bankruptcy hearings.

>> No.1117410

>>1117387

I wonder how long he can live off 120k cash though. It won't sustain him.

Maybe he bought 10,000 shipping containers of loos for his home country.

>> No.1117458

>>1117375
Why not
>be broke
>max out on cash withdrawals
>put it all into precious metals
>hide it in the woods
>they ask where the money is at bankruptcy hearing
>"My fortune is yours for the taking... but you'll have to find it first. I left everything I own in One Piece!"
>Dreamin'!
>Don't give it up Luffy!

>> No.1117463

>ITT, morons who don't know that fraudulently incurred debt is non-dischargeable
Every one of your little schemes has been tried -- and failed -- thousands of times.

>> No.1117477
File: 149 KB, 3584x5000, 1428824962192.png [View same] [iqdb] [saucenao] [google]
1117477

>>1117351

>> No.1117479

Could he theoretically collect disability welfare once bankrupt?

>> No.1117484

>>1117479
Theoretically, no. Because the law isn't supposed to cover stupidity/laziness.

In practice, it happens about 90% of the time.

>> No.1117620

>>1117351
Oil and gas producing companies do what the subject of OP's query did all the time. It's called "drawing down the revolver".

>> No.1117889
File: 37 KB, 500x385, mwlwtAi[1].jpg [View same] [iqdb] [saucenao] [google]
1117889

What can possibly go wrong?

>> No.1117989

>>1117458
Shit, spit my coffee

>> No.1118013

>>1117458
lol'd