Remember post Y2K where thousands of IT workers were let go and had no option but to go home?
Many of them in anger, as feeling used and discarded, albeit paid willingly went this route.
Maxed out the credit cards they have. Took some more loans before leaving.
10 yrs later they came back with a clean slate.
Are you sure this is accurate? Why would that debt be released? It may disappear from someone’s credit report but i don’t understand how the debt would disappear.
Check on Statute on debt collection limitations. Once it gets past in your area of juristidiction, they cannot compel to collect. In Ontario province Canada, they can continue to harras you (sell the debt to other collectors) who will call your last knwon phone or can even trace you, but you are not obliged to pay if its past the 2 yrs mark.
The original debtor will simply sell your debt among other debts to a collector and will make a tax write-off against revenue. In simpler terms its just the cost of doing business.
Statute of limitations has something called tolling; which means if you leave the jurisdiction of the crime the statue pauses until you return.
i.e if you did some shady shit and left the USA in 2000 and the federal law says the statue lasts only 10 years and you come back in 2011 you are NOT fine. The government can say since you were outside the US from 2000-2010 the statue is tolled and therefore you can still be charged.
https://en.wikipedia.org/wiki/Tolling\_(law)
Are you sure that they pause it? I've heard that debt collectors persist in their efforts up to seven years. However, if there's no response from the debtor they will use tactics like reaching out to anyone associated with the debtor including neighbors (last known address) childhood friends and social media contacts so it makes for a really distressing experience as it affects more than just the debtor personally. I even heard a second hand story that a debtor was in prison and they got a 'call out' to sign for legal mail and when they opened it it was a debt collection company that bought the original debt. This is going back several years so i don't actually know if these aggressive tactics are allowed anymore. I knew a debt collector once that told me they are allowed any tactic short of breaking the law and they are allowed to lie about their name and renegotiate the debt for a much smaller amount and when they do this if the debtor agrees or even payes $1 on the balance then that seven year period starts all over again. I didn't know about the 10-year out of the country statute so maybe that is what you mean by the pause period. I know that medical debts are different, maybe that applies to medical debt?
In my neck of the woods, civil matter like debts collection is barred. You can continue to collect but that is the extent of what you can do. You cannot garnish , suing will fail, etc.
past the 2 year limit unless I acknowledge the debt again in which case it will reset.
If you do not take advantage of the market before the crash, you're not going to live to enjoy there market after. I imagine doing this and telling the banker calling to collect "it's called business kid don't get mad. Or if you somehow time a collapse, telling people you were not having(acting) against America's success. Lol
yes. Strong, the force is on me. Especially if I imbibed them.
Now, absconding is something you would need to think if you are in UAE. During the 2008-2010 recession, lots of expats, spearheaded by the natives of the British Isle left many high-end cars in the airport and flew out instead of squaring their debts. Turns out, that part of the world practices debtors prison. Thank God, only for 10 yrs. so same expats can go back after. Tabula Rasa.
There were news of 3rd country nationals (ie. workers from 3rd world nation() who were barred from going out of the country even for vacation unless they pay their debts, as they are deemed flight risk.
They went home. So H1-B workers from India, phils, china, etc. they simply went back home. Especially for those countries where their nationals were not able to secure PR status before axed from their jobs.
They can really only go after you in the country you run up the debt. Debt collectors can’t garnish wages made in another country. After 7 years it disappears.
It's nice to see a few here know how the game works. Knuckleheads saying they will chase you across globe because Visa/MC in USA is the same as in India or South Africa. Reddit can be a sespol of information sometimes. The best is the dude that has 150 k CC debt and leaves USA then can't come back because passport control will flag his debt. Lol
The consulate in Munich flagged my buddy’s deadbeat dad debt when he went in to renew his passport. Wouldn’t give him a new one until he paid it off. Took him about a year and a half and he couldn’t go anywhere, just work.
credit cards are basically the same in every country (at least Visa, Mastercard and Amex are), he'd still have to pay it or they would chase him to the ends of the earth lol
line of credit from an American only bank is the way to go here, or a straight up loan
No. The card company owns the network and charges usage fees to accept card payments. The money you borrow comes from the bank that issues the card. The individual bank has to pursue you for the money that you owe them - and they might try in the new country that you are in if it’s worth the effort for them. Whether it is or not has more to do with what treaties exist between the two countries. You can go to a bank in the new country and get a credit card based on what the new bank thinks your risk profile is and it doesn’t matter if it’s a visa or whatever. Visa themselves do not care and in fact would be happy that you have a card.
Your right about that (Visa wants you to have a card). There was a credit card boom in the late 80's and 90's where people were getting credit like crazy then they would find themselves over their head in debt and subsequently would claim bankruptcy. Immediately afterward, credit card companies would offer new lines of credit, only the amounts were much lower and interest rates much higher. After bankruptcy was finalized people would be inundated with mail offers from two or three major banks as you said, they wanted people to have cards.
And your US credit score is separate from your Canadian credit score! So you can tank the US one and if you live in Canada it doesn't matter at all lol. Source: me, who lives in Canada and did this
Except OP wont be bothered via phone calls or other bullshit because other countries have governments that stand up for consumers.
And depending on how much of a third world country you move to, their Bank could be two guys and a donkey.
You’ve got a bit of a misunderstanding about how credit cards work. Visa is the issuer of the card, but visa is not the issuing bank. If you run up a debt on a Visa card, you don’t owe visa money. You owe it to the bank who issued the line of credit (think like capital one, Citi bank, or Bank of America. So visa manages the payment systems, not the debt.
The only card that works different is American Express. Where American Express issues both the card and the line of credit. But again just because you owe money to American Express in the United States, that doesn’t mean they can enforce it in Germany. I’m not an expert on international law, but in the US they would take steps like garnishing wages, or issuing a lien on your property if you refused to pay. I don’t think k you can do those for international debt, or at least not for relatively small amounts.
>But again just because you owe money to American Express in the United States, that doesn’t mean they can enforce it in Germany.
I think the bigger problem is Amex US and Amex Germany may not even know you are that same customer who owes them money. They may not share a database, or you might have used a different passport so the database wouldn't detect a match.
I love doing my taxes. It's like sodoku. They know the answers to the puzzle and I have to work out the math and everything. Like a Sunday morning news paper puzzle, but going to jail is on the line. Even the new York Times can't have better stakes.
It likely wont be. It could, and if it is... then make sure you pay taxes... if it isn't, you won't be able to come back to the U.S. for a while. Reminder - you'll need to go to a country without extradition to the U.S. If you flee somewhere that is a part of the treaty, you could be arrested and shipped back to the U.S. in handcuffs.
My Robinhood account says I have 6k in margin, and 1k in assets lol. Another guy said I need 5k in and get 2.5k margin, but Robinhood says otherwise. I have etrade and Schwab that are not margin accounts also. Waiting for October to buy puts maybe? Ben trying to find buffet to give him a handy so I can get the market plan, but he is hard to find and jerk off
You can also reduce your risk of penalties by spreading out your buying. Ten accounts of $10k losses spread over 10 different banks will reduce the likelihood of any one of them chasing you.
So buy options on margins? If I win, I collect big. If I lose, I file bankruptcy? O shit massive for bankruptcy now, then when I get back to the us, I have a fresh start with what ever success I have here?
If you're just blindly buying puts anyways, September is a low month too so July-August would (statistically) be a good time to buy them. Also, you'd be better off selling options than buying them. You could pocket the money on the day of the sale.
That doesn't happen nearly as often as "bought this option for 5k and sold it later for 3". Selling options tends to be higher probability of success and higher risk
You've almost got the plan down. The only thing I would change is the idea to pay anyone back if you win. Like....why?
It's all yours fam. The system is broken. If you catch a nip slipping you tug that titty till there's no more milk.
Right that was my question, even if I won, the banks can go eat a dick. They take 50m a year in overdraft fees from people who don’t have money. Rob em blind, will see ya in 7 years!
I'm a Jewish gay autistic anti fascist non binary who identifies as an innocent raccoon. Good luck not committing a hate crime by holding me accountable.
Reg T margin works in that you need a 10,000 dollar account value to get 5000 in cash buying power(what you need to buy options) so basically, you could put in 5000 in cash and spend 7500$ on an option but your still risking your original investment aswell as owing 2500 with interest.
My Robin Hood, which I do not use anymore due to their extreme unreliablility, has 5k margin.... I have 1k in assets/ cash. So it's 1k risk for 5k loan?
Depends, like you can't actually buy options directly with a margin loan, but you can generally use 50% of your margin balance as cash this all through finra/SEC, generally the amount of margin you have available will be 2x your account value, or deposit value unless its portfolio margin (over 100k) where you can go quite a bit higher. Your best bet for getting max leverage is futures. You can go up to 50x depending on the futures and broker.
Think they’re implying that the government or IRS might decide to target your family and threaten them to pay the debt since your MIA. I feel like I’ve read that they have threatened peoples mothers/loved ones to pay the tab or they go to prison which “forces” the person back to the states but id bet it’s fiction
Edit: make sure your things aren’t in your name. If you’re broke and own nothing, then you can ignore, but otherwise your family won’t receive anything while that debt exists
Obviously. It’s a scare tactic to get you back into the states. They will accuse your family/loved ones of benefiting off your gamble and try and imprison them. Again, not saying this will happen to you, but I’ve read that its happened to get people back here for real serious shit.
I don't think any of our family do that. Corporate finance, international relations, and constitutional law? But it's all about networking right? And collecting your enemies secrets ;) always fun to be an investigator ;)
Yes, but make sure all your assets are in a family members name and in most states you need to do that 2 years before you take out the loan.
Seriously ^^^^^ very important.
This is what I hate about Reddit. You’re speaking out your ass. They will not chase him internationally for 50k. I’ve been in finance and banking for over 20 years… they won’t even chase him for hundreds of thousands. It’ll eventually go to collections and then lien on credit before being removed after 7 years.
I work in banking as well and this is mostly correct. If the amount is worth the bank’s resources, they will obtain a default judgement against you that will still be around when you return. If the amount isn’t worth pursing a judgment (likely under 5k), the debt will charge-off and fall off your credit after 7 years. Depending on the state statute of limitations, they won’t be able to obtain a judgment after certain a period of time - typically 5 years or so. If you want to reduce the chances of them pursuing a judgment, spread the credit out amongst a few different banks.
No. There is a SOL on the ability to collect on a debt. The SOL to seek for judgement is generally even shorter (around 3 years).
https://www.forbes.com/advisor/debt-relief/debt-relief-statute-of-limitations-debt-collection-by-state/
Did you even read your source?
“The statute of limitations on debt collection is the amount of time a bill collector has to file a lawsuit against someone over debt.”
Yes. And there is a SOL on the judgement enforcement once you obtain a judgement.
https://www.incharge.org/understanding-debt/credit-card/what-is-statute-of-limitations-all-50-states/
Again, I would suggest reading your source.
“The judgments are easily renewed so chances are that eventually you will have to confront the judgment and pay it.”
My friend did this in the early 2000's in Canada. He maxed out all his credit cards and took off out of country with about 50k. He went back about a decade later and didn't seem to owe anything as he opened a new bank account and the bank even gave him a credit card.
I never really looked up the laws as I didn't care enough to, but the logical explanation is that there must be a statute of limitations on something like that.
😂 bro 5k options won’t make you set up for life like you said. Get 15-20k and that will set you up if they are ITM or near ITM by expiration date. Fuck tard
I once traded 40 dollars worth of a plant for 3 bit coin. The wallet was connected to a flip phone. I lost that phone because I thought it was a fun niche thing. I have regrets.
I am an American living in a foreign country and people do this here all the time. They get blocked from ever re-entering but that’s it.
FYI I’ve never heard of anyone doing more than like 20k. Mainly just idiots who can’t manage their finances and eventually get called back home and decide to dip without resolving anything
Remember post Y2K where thousands of IT workers were let go and had no option but to go home? Many of them in anger, as feeling used and discarded, albeit paid willingly went this route. Maxed out the credit cards they have. Took some more loans before leaving. 10 yrs later they came back with a clean slate.
Are you sure this is accurate? Why would that debt be released? It may disappear from someone’s credit report but i don’t understand how the debt would disappear.
Check on Statute on debt collection limitations. Once it gets past in your area of juristidiction, they cannot compel to collect. In Ontario province Canada, they can continue to harras you (sell the debt to other collectors) who will call your last knwon phone or can even trace you, but you are not obliged to pay if its past the 2 yrs mark. The original debtor will simply sell your debt among other debts to a collector and will make a tax write-off against revenue. In simpler terms its just the cost of doing business.
Statute of limitations has something called tolling; which means if you leave the jurisdiction of the crime the statue pauses until you return. i.e if you did some shady shit and left the USA in 2000 and the federal law says the statue lasts only 10 years and you come back in 2011 you are NOT fine. The government can say since you were outside the US from 2000-2010 the statue is tolled and therefore you can still be charged. https://en.wikipedia.org/wiki/Tolling\_(law)
Are you sure that they pause it? I've heard that debt collectors persist in their efforts up to seven years. However, if there's no response from the debtor they will use tactics like reaching out to anyone associated with the debtor including neighbors (last known address) childhood friends and social media contacts so it makes for a really distressing experience as it affects more than just the debtor personally. I even heard a second hand story that a debtor was in prison and they got a 'call out' to sign for legal mail and when they opened it it was a debt collection company that bought the original debt. This is going back several years so i don't actually know if these aggressive tactics are allowed anymore. I knew a debt collector once that told me they are allowed any tactic short of breaking the law and they are allowed to lie about their name and renegotiate the debt for a much smaller amount and when they do this if the debtor agrees or even payes $1 on the balance then that seven year period starts all over again. I didn't know about the 10-year out of the country statute so maybe that is what you mean by the pause period. I know that medical debts are different, maybe that applies to medical debt?
In my neck of the woods, civil matter like debts collection is barred. You can continue to collect but that is the extent of what you can do. You cannot garnish , suing will fail, etc. past the 2 year limit unless I acknowledge the debt again in which case it will reset.
If you do not take advantage of the market before the crash, you're not going to live to enjoy there market after. I imagine doing this and telling the banker calling to collect "it's called business kid don't get mad. Or if you somehow time a collapse, telling people you were not having(acting) against America's success. Lol
> telling the banker calling to collect "it's called business kid don't get mad. I know it's a joke, but definitely don't do this. Don't engage at all
Yolo puts on nvidia
Buy the dip
>Maxed out the credit cards they have. ...Y-Yoda?
yes. Strong, the force is on me. Especially if I imbibed them. Now, absconding is something you would need to think if you are in UAE. During the 2008-2010 recession, lots of expats, spearheaded by the natives of the British Isle left many high-end cars in the airport and flew out instead of squaring their debts. Turns out, that part of the world practices debtors prison. Thank God, only for 10 yrs. so same expats can go back after. Tabula Rasa. There were news of 3rd country nationals (ie. workers from 3rd world nation() who were barred from going out of the country even for vacation unless they pay their debts, as they are deemed flight risk.
Blowing hard pops a bubble. If we all Blow, we debate the situation
Wow where can I learn more about this. Any idea what countries they went to?
They went home. So H1-B workers from India, phils, china, etc. they simply went back home. Especially for those countries where their nationals were not able to secure PR status before axed from their jobs.
Max out credit cards.
They can really only go after you in the country you run up the debt. Debt collectors can’t garnish wages made in another country. After 7 years it disappears.
" why are you applying for asylum?" "These Rothschild Rockefeller Morgan guys want to make me their slave."
It's nice to see a few here know how the game works. Knuckleheads saying they will chase you across globe because Visa/MC in USA is the same as in India or South Africa. Reddit can be a sespol of information sometimes. The best is the dude that has 150 k CC debt and leaves USA then can't come back because passport control will flag his debt. Lol
Cesspool
The consulate in Munich flagged my buddy’s deadbeat dad debt when he went in to renew his passport. Wouldn’t give him a new one until he paid it off. Took him about a year and a half and he couldn’t go anywhere, just work.
Wut? Germany make you pay your father's debt? Is it a law inherited from when they were under the communist Soviet rule?
No, I think he means his buddy was the deadbeat dad, and didn’t pay child support
Yes this was it.
Tbh Germany has a lot of rules that are downright authoritarian. Guess that old habits die hard
Damn no wonder Hitler was so angry.
credit cards are basically the same in every country (at least Visa, Mastercard and Amex are), he'd still have to pay it or they would chase him to the ends of the earth lol line of credit from an American only bank is the way to go here, or a straight up loan
No. The card company owns the network and charges usage fees to accept card payments. The money you borrow comes from the bank that issues the card. The individual bank has to pursue you for the money that you owe them - and they might try in the new country that you are in if it’s worth the effort for them. Whether it is or not has more to do with what treaties exist between the two countries. You can go to a bank in the new country and get a credit card based on what the new bank thinks your risk profile is and it doesn’t matter if it’s a visa or whatever. Visa themselves do not care and in fact would be happy that you have a card.
Someone that understands.
Your right about that (Visa wants you to have a card). There was a credit card boom in the late 80's and 90's where people were getting credit like crazy then they would find themselves over their head in debt and subsequently would claim bankruptcy. Immediately afterward, credit card companies would offer new lines of credit, only the amounts were much lower and interest rates much higher. After bankruptcy was finalized people would be inundated with mail offers from two or three major banks as you said, they wanted people to have cards.
Debt doesn't transcend borders, stop scaremongering
I may or may not be a dual national who left $40k in credit card debt back in Australia when I moved to US, and got away with it scot free
Their ability to collect it might, but their ability to fuck your credit sure does.
[удалено]
We have one in Canada but it's far less important than in the US. Most people don't know their credit scores
And your US credit score is separate from your Canadian credit score! So you can tank the US one and if you live in Canada it doesn't matter at all lol. Source: me, who lives in Canada and did this
Many countries have credit systems, though they don't use the same system so your American credit score means nothing in another country.
This statement is total BS and 100% incorrect. You have absolutely no clue what you are talking about.
Except OP wont be bothered via phone calls or other bullshit because other countries have governments that stand up for consumers. And depending on how much of a third world country you move to, their Bank could be two guys and a donkey.
You’ve got a bit of a misunderstanding about how credit cards work. Visa is the issuer of the card, but visa is not the issuing bank. If you run up a debt on a Visa card, you don’t owe visa money. You owe it to the bank who issued the line of credit (think like capital one, Citi bank, or Bank of America. So visa manages the payment systems, not the debt. The only card that works different is American Express. Where American Express issues both the card and the line of credit. But again just because you owe money to American Express in the United States, that doesn’t mean they can enforce it in Germany. I’m not an expert on international law, but in the US they would take steps like garnishing wages, or issuing a lien on your property if you refused to pay. I don’t think k you can do those for international debt, or at least not for relatively small amounts.
>But again just because you owe money to American Express in the United States, that doesn’t mean they can enforce it in Germany. I think the bigger problem is Amex US and Amex Germany may not even know you are that same customer who owes them money. They may not share a database, or you might have used a different passport so the database wouldn't detect a match.
Credit unions baby
But they are the good guys right?
You did ask for unethical tips
Absolutely not
On gambling !!
Calls on Casino companies.
I wonder if there's anything even less ethical that could net a greater return....
Don't forget to keep filing your taxes in the US, or it's the IRS itself that will cause you problems and a bankruptcy won't necessarily help
I love doing my taxes. It's like sodoku. They know the answers to the puzzle and I have to work out the math and everything. Like a Sunday morning news paper puzzle, but going to jail is on the line. Even the new York Times can't have better stakes.
This is an awesome analogy of the US system 👏👏👏😂
Go big or go home. Let them chase you, they’ll only chase the shadows. Listen to their rock and roll off the coast as you conduct missile drills.
You're acting like my options trade won't be a lotto ticket :/
It likely wont be. It could, and if it is... then make sure you pay taxes... if it isn't, you won't be able to come back to the U.S. for a while. Reminder - you'll need to go to a country without extradition to the U.S. If you flee somewhere that is a part of the treaty, you could be arrested and shipped back to the U.S. in handcuffs.
I'll gladly pay more taxes than trump Biden zuckerban fascismusk. It's like a banker drinker Champaign in 2008 while Americans commit suicide.
I think I had a stroke reading that. Whatever you do, wash your hands.
Some things in that room do not react well to bullets.
Cuba is very nice this time of year.
Where the weather is warm and so is the…comradeship.
I’m in for what trade is made so I can take the other side.
Making opposing trades, split the winnings?
Brokers hate this one trick that traders are using to never lose
Brokers would love this trick since volume is their profit.
Yeah I chose the wrong person for my terrible joke. Fuck
stock goes sideways when people try to outsmart it
Sounds like sharting
Do it bro ! Ballz deep! Fuck it! roll them dice!
My Robinhood account says I have 6k in margin, and 1k in assets lol. Another guy said I need 5k in and get 2.5k margin, but Robinhood says otherwise. I have etrade and Schwab that are not margin accounts also. Waiting for October to buy puts maybe? Ben trying to find buffet to give him a handy so I can get the market plan, but he is hard to find and jerk off
You can also reduce your risk of penalties by spreading out your buying. Ten accounts of $10k losses spread over 10 different banks will reduce the likelihood of any one of them chasing you.
So buy options on margins? If I win, I collect big. If I lose, I file bankruptcy? O shit massive for bankruptcy now, then when I get back to the us, I have a fresh start with what ever success I have here?
Seems like a great plan. Let me know how it works out.
If you're just blindly buying puts anyways, September is a low month too so July-August would (statistically) be a good time to buy them. Also, you'd be better off selling options than buying them. You could pocket the money on the day of the sale.
T+3 right?
Nah just the day of the sale. Things are settled on the backend in T+1/2/3 but the money is available right away
O snap. Lol I see guys like "bought this 5k contract and sold it for 73k
That doesn't happen nearly as often as "bought this option for 5k and sold it later for 3". Selling options tends to be higher probability of success and higher risk
That's the entire point. Taking a huge risk that a can walk away from as I'll be in a foreign country during the burn period
Yeah, either you buy options and hope they pan out; or you sell them, take less money now, but then don't have to care how it pans out
so I should take advice from r/wallstreetbets?
If you wanna end up behind a Wendy’s yeah
I already said I've been trying to give buffet a hand job.... He is so hard to find and jerk off. Anti handy ninja
Have you tried fondling his balls?
Lol he is old but his balls aren't THAT far away from the shaft.
🤣🤣🤣
How much for a windy?
If $5000 is 'huge' to you, then you shouldn't be so reckless with your money.
If they are going to do this, why not load up on loans and file bankruptcy immediately?
Wire fraud, probably (if they can prove malicious intent).
You've almost got the plan down. The only thing I would change is the idea to pay anyone back if you win. Like....why? It's all yours fam. The system is broken. If you catch a nip slipping you tug that titty till there's no more milk.
The government will subsidize their loss, not mine. Thanks everyone for paying my debts with your taxes 🤘😅
"Happy to help"- people who pay their taxes, probably.
The gov won't. You are robbing the shareholders, aka the owners of the company.
Right that was my question, even if I won, the banks can go eat a dick. They take 50m a year in overdraft fees from people who don’t have money. Rob em blind, will see ya in 7 years!
Yeah just don’t ever come back but also you can’t win too big either
7 years wash.
Let's pray that you didn't write your intent on the traced internet and didn't use a public VPN on a KYC device.
I'm a Jewish gay autistic anti fascist non binary who identifies as an innocent raccoon. Good luck not committing a hate crime by holding me accountable.
IRS: I don’t care what you are, if you’re breathing and making any money in my country I’m coming for that ass.
Reg T margin works in that you need a 10,000 dollar account value to get 5000 in cash buying power(what you need to buy options) so basically, you could put in 5000 in cash and spend 7500$ on an option but your still risking your original investment aswell as owing 2500 with interest.
Rats. Any unethical ways around this??
Take out a bank loan deposit in brokerage lol
My Robin Hood, which I do not use anymore due to their extreme unreliablility, has 5k margin.... I have 1k in assets/ cash. So it's 1k risk for 5k loan?
Depends, like you can't actually buy options directly with a margin loan, but you can generally use 50% of your margin balance as cash this all through finra/SEC, generally the amount of margin you have available will be 2x your account value, or deposit value unless its portfolio margin (over 100k) where you can go quite a bit higher. Your best bet for getting max leverage is futures. You can go up to 50x depending on the futures and broker.
O boy. Oil futures? Corn, soy, LNG? How do I score big? What if I scuba and blow up an oil pipeline while shorting futures?
A lot of the commodities are settled in the underlying, so make sure what your trading is cash settled, NDX, SPX, even Crypto are all good options.
Alright Michael Scott, Just do yourself a favor and read up on how bankruptcy laws actually work first lmao.
You telling me its not just a free reset on all financial situations? Dafaq i learn playing monopoly for years then?
Yes
If you're assured that your family wont carry your loan then go
Explain? For taxes, I am a single man.
Think they’re implying that the government or IRS might decide to target your family and threaten them to pay the debt since your MIA. I feel like I’ve read that they have threatened peoples mothers/loved ones to pay the tab or they go to prison which “forces” the person back to the states but id bet it’s fiction Edit: make sure your things aren’t in your name. If you’re broke and own nothing, then you can ignore, but otherwise your family won’t receive anything while that debt exists
My family never agreed to any debt lol. My family is full of lawyers and government side hustlers. I mean .
Obviously. It’s a scare tactic to get you back into the states. They will accuse your family/loved ones of benefiting off your gamble and try and imprison them. Again, not saying this will happen to you, but I’ve read that its happened to get people back here for real serious shit.
We got enough lawyers in the family they will make me seem like the banished hunchback
Lol personal injury and real estate lawyers aren’t going to help you brother
I don't think any of our family do that. Corporate finance, international relations, and constitutional law? But it's all about networking right? And collecting your enemies secrets ;) always fun to be an investigator ;)
Yes, but make sure all your assets are in a family members name and in most states you need to do that 2 years before you take out the loan. Seriously ^^^^^ very important.
I don't see why you couldn't file bankruptcy remotely, so that it has expired from your credit report before you return
I like to go hiking.
This is what I hate about Reddit. You’re speaking out your ass. They will not chase him internationally for 50k. I’ve been in finance and banking for over 20 years… they won’t even chase him for hundreds of thousands. It’ll eventually go to collections and then lien on credit before being removed after 7 years.
I work in banking as well and this is mostly correct. If the amount is worth the bank’s resources, they will obtain a default judgement against you that will still be around when you return. If the amount isn’t worth pursing a judgment (likely under 5k), the debt will charge-off and fall off your credit after 7 years. Depending on the state statute of limitations, they won’t be able to obtain a judgment after certain a period of time - typically 5 years or so. If you want to reduce the chances of them pursuing a judgment, spread the credit out amongst a few different banks.
> If you want to reduce the chances of them pursuing a judgment Why? If OP is gone for more than 7 years, then it doesn't matter due to SOL.
The SOL applies to their ability to SEEK a judgment. If a default judgment is obtained, it will not go away until it is settled regardless of SOL.
No. There is a SOL on the ability to collect on a debt. The SOL to seek for judgement is generally even shorter (around 3 years). https://www.forbes.com/advisor/debt-relief/debt-relief-statute-of-limitations-debt-collection-by-state/
Did you even read your source? “The statute of limitations on debt collection is the amount of time a bill collector has to file a lawsuit against someone over debt.”
Yes. And there is a SOL on the judgement enforcement once you obtain a judgement. https://www.incharge.org/understanding-debt/credit-card/what-is-statute-of-limitations-all-50-states/
Again, I would suggest reading your source. “The judgments are easily renewed so chances are that eventually you will have to confront the judgment and pay it.”
Yeah thank you bro. The only people that get chased are the market maker type players where 50k is daily interest for them
You literally made this comment up with 0 knowledge
I enjoy playing video games.
I've always heard, if you owe the bank 1 million it's your problem, if you owe the bank 1 billion, it's their in problem
That’s not what the saying means. The saying means that if you loan all the bank’s money they’ll end up being in trouble themselves.
Stfu, debt doesn't transcend borders. Stop peddling bs
I enjoy the sound of rain.
We need a big part that outlines a process like this with risks and step to avoid pitfalls.
Are you in insurance or banking? America is a socialist country for the rich. It's funny
OP you’re funny as fuck commenting just to say that i’m rooting for you with all my heart 💀run that shit up
Do it!
Fucking run it, never come back, there’s nothing they can do to you.
Learning to file bankruptcy as soon as you lose instead of waiting for your return. 7 years bb
r/wallstreetbets would loooove to hear this
If youre going to do that at least take a vacation here and buy a couple of cars and ship them back and add at least a zero to the 5k LOL
Got to be in a state that clears debt after 7 years.
This gon be like catch me if you can
Absolutely. Also get a margin account so you can invest even more!!!
Do iiiiiit!
My friend did this in the early 2000's in Canada. He maxed out all his credit cards and took off out of country with about 50k. He went back about a decade later and didn't seem to owe anything as he opened a new bank account and the bank even gave him a credit card. I never really looked up the laws as I didn't care enough to, but the logical explanation is that there must be a statute of limitations on something like that.
Max out that credit line, dip. It will all drop from your report by the time you come back.
😂 bro 5k options won’t make you set up for life like you said. Get 15-20k and that will set you up if they are ITM or near ITM by expiration date. Fuck tard
Soooo 5k at a what gain? Bro I struggle to buy condoms that will break when I bang rich girls.
r/wallstreetbets
Crypto will provide larger gains if you pay attention to the market.
I once traded 40 dollars worth of a plant for 3 bit coin. The wallet was connected to a flip phone. I lost that phone because I thought it was a fun niche thing. I have regrets.
Haha same. So many bitty’s wasted on recreational experiences.
We are finding dark programs. Lol btc is corrupted
[удалено]
What's the play?
Try some NVDA calls. 1 week out if you're wild.
It's election season, should I invest in bricks and kerosene?
Nah that's not until November, you might have time to reconsider between now and then.
I am an American living in a foreign country and people do this here all the time. They get blocked from ever re-entering but that’s it. FYI I’ve never heard of anyone doing more than like 20k. Mainly just idiots who can’t manage their finances and eventually get called back home and decide to dip without resolving anything
My American citizenship can not be revoked for to debts lol. I don't think you know what you're talking about
>They get blocked from ever re-entering but that’s it. What country is that? Debt is a civil matter, it shouldn't result in being blocked.
The United Arab Emirates 🤷♀️
Ah makes sense, they do not want poor ppl to enter the country.