Comment

Well, not exactly. The debt is still there, they just can’t force you to pay it. Exceptions apply, like student loans, and I they can probably still claim property in the case of bankruptcy or inheritance.

Also your credit score is going to tank hard.

source

Sort:hotnew top

ericbomb@lemmy.world ⁨1⁩ ⁨year⁩ ago
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.

source
- Entertainmeonly@lemmy.blahaj.zone ⁨1⁩ ⁨year⁩ ago
  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.
  
  source
  - A7thStone@lemmy.world ⁨1⁩ ⁨year⁩ ago
    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.
    
    source
  - Chickenstalker@lemmy.world ⁨1⁩ ⁨year⁩ ago
    > prison rent
    
    Yank moment
    
    source