this post was submitted on 07 Dec 2023
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so if you go to prison all your debts are forgiven?
After 7 years in the US all debt falls off. So if he's in prison for 7 years, yeah it'd all go away.
Well, not exactly. The debt is still there, they just can't force you to pay it. Exceptions apply, like student loans, and they can probably still claim property in the case of bankruptcy or inheritance.
Also your credit score is going to tank hard.
After 7 years it falls off your report, so if he's in jail for 7 years he'll have an empty credit score at the end.
Not empty just extremely low. Low is worse then nothing. Good luck getting any credit after this. Then again, if the crypto actually grew, it may not matter. You would need at least half a million in profit to be worth all the effort of this scheme. Still only making about 70k a year at that level. Assuming you did 7 years and didn't have to pay anything like prison rent. Seems like a bad investment.
> prison rent
Yank moment
Low is not worse than nothing with credit. Low credit means you exist. When you have no credit score everyone starts to question if you even exist. I may have personal experience with that.
All*
*(Except government debt, and student loans.)
So if he goes to jail for only 5 he would still owe the bank? lol
Well it works where if it's non government debt and you don't pay for 7 years, it falls off your credit report. Of course if you had a car/home tied to it they would have taken it at that point.
But honestly at 5 years the collector will have mostly given it up and sold it to a debt collector for pennies on the dollar who call from time to time when they have nothing else to do.