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I am about to crash and burn and my credit...
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You are currently reading a thread in /biz/ - Business & Finance

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I am about to crash and burn and my credit will be destroyed. No stopping it. I have $20,000 available on my credit cards though I'd like to withdraw before I go down and they restrict my credit.

I'm thinking about buying $20,000 worth of gold, something I can cash in later for around what I paid for it. So I have some stashed away I can rebuild with later. Is that even legal?
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>>1033222

No of course not.

20k of gold is nothing. If you had 10 million in credit, you could withdraw 10 million in gold and fuck off to Ghanna
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>>1033228
Do you think gold is the best option? I'm looking for something I can buy with credit cards and cash in later without losing too much of the value. Stash it away, then not pay the credit card bills and go under. Weather the storm for awhile, then secretly cash in whatever I bought and have $20,000 to use as a down payment to buy a house under my sister's name.
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>>1033234

Gold is the best option. It is still a bad idea.

I guess diamonds, but you need to know a whole lot about diamonds to fuck with diamonds
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>>1033239
Seems like a bad idea, but so far I haven't been able to find the angles where it will bite me in the ass. I am going under regardless and my credit will be wrecked, so might as well get a house out of it.
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Why you crashing, faggot?
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>>1033263
Divorce, medical bills, and I got fired. Everything all hit at once, pretty much the perfect storm. Have one month before the first wave of bills I can't pay come due, then I go under.
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>>1033268
How old are you?
What was your job?
Does your ex-wife work? How much do you have to pay in alimony/child support?
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>>1033270
30, database admin related office job. She got our house and the nicer car. I am living at my sister's house sleeping on a cot in her mud room.
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>>1033268
Serves you right for getting married, having shitty genetics and sucking at your job. You should focus on improving yourself
>>
Buy a van and become a travelling bohemian
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>>1033275
yikes>>1033275
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>>1033275

I'm sorry buddy.

Chin up, ok? Don't defruad the banks, just file for bankruptcy and try to pick up the pieces later
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>>1033284
Thanks, but I feel great, to be honest. When my wife left me, after the initial sadness I felt a huge relief. Like a huge weight off my shoulders, free at last. Same with the job, I hated it. Didn't even feel sad about getting fired, was all smiles on my way out the door for the last time. Rock bottom is surprisingly uplifting.
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>>1033290
>When my wife left me, after the initial sadness I felt a huge relief.

Sorry to hijack your thread but.

When I kicked my ex wife out, I felt this initial sadness, then the relief- then more sadness a few weeks later.

How long has it been for you? I'm just hoping that the next step for me is relief man
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>>1033294
Not very long for me, feels horrible when I get sucked down into the nostalgia, but as long as I look forward and not back I feel great.

Laying on my cot at night I have been thinking a lot about "manifest destiny". I have decided to follow it very literally and move cross-country to Washington state. Looking at rural homes for under 100 grand that I can get with my 20 thousand down.
>>
>>1033297

Yeah, I feel you.

It's amazing how the future shines brighter in your mind after the shit hits the fan huh?

When I was with her, I never looked at the future too fondly- but now it shines like a star.

Anon, sell all of your possessions for cash, and hide the cash. The bank will come for it all soon.
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>>1033300
>When I was with her, I never looked at the future too fondly- but now it shines like a star.

Exactly. My job and my marriage, it was like the rest of my life was already written. Now I feel like anything is possible again. Chains broken.
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>>1033239

I'll tell you all you need to know about diamonds.

1. You can't sell them.

Buy a $20,000 diamond and you'd be lucky to sell it for 5
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>>1033371

Well, if you are an expert on diamonds, you buy the diamond for 20 and sell it for 21, right?

There are wholesale auctions for diamonds, I spent 250,000$ on an uncut stone for my ex because I'm an idiot
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>>1033376
>$250,000

I'm sorry
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>>1033222
A couple of gift cards, they're more liquid than gold not only in terms of selling them but also because you yourself can use them directly. But don't get greedy you'll trigger the fraud-detection neural net algos
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>>1033222
Buy 1k in groceries for your Sis's house
>canned ham, salmon, tuna, veg, fruit, pasta sauce, brown beans, etc
>frozen veg, frozen meats, cheese, etc
>dried goods like pasta, rice, beans, lentils, pancake mix
>coffee, tea, no goddamn booze.

Stick to nutritionally dense durable foods. You and your Sis & senpai will thank you for still being a good provider
>>
>>1033376
Why and how did you spend 250k for a diamond?
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>>1034058

Figured I'd rather buy a stone for 250k that was worth 350k than one for 10k worth 1k.

Better value proposition- so I did a ton of research, learned what colours and clarity have max resale and investment value and what is just a consumer trap, and then bought a stone, paid someone to cut it and mount it on a ring.

And now she'll sell it for 350k, because I did a very good job picking a stone

man fuck
>>
>>1033222
so you plan on borrowing 20k from credit cards?
how much is your car worth?
what are your debts?
>>
>Getting married

You deserve it senpai.
What man spends $250k on a rock after months of thorough research to ensure it appreciates in value...

And then gives that rock in a commitment ritual to one of the statistically worst choices for money you could ever make in modern society?

This has to be a troll thread.
>>
>>1033222
>Is that even legal?

Yes. but when you have your bankruptcy hearing and the judge sees that you spent all that money on gold at the last minute, it's going to raise a red flag when it's not on your list of assets.
>>
>>1033616
>you and your sis and senpai

this was cute to read with the f.a.m>senpai.
>>
>>1033222
Make sure you hide the way you buy it. Like, do a cash advance on your credit cards then take the money out of ATM or bank over a couple of days. When at court for bankruptcy, tell them you spent all the money on booze and strippers at a gentlemens club.

Hope that helps.
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>>1033222
Ammo
>>
>>1034548

This is dangerous as hell. I've chatted with a bankruptcy attorney client, and one of the stories that he tells is how often people end up completely fucked for pulling shit like that.

There is a massive difference between having debt, and pulling out large sums at the last minute without the intent to pay. Apparently that can be considered theft or fraud, and from his experience most judges will refuse to discharge those debts which are considered made in a fraudulent manner. So you'd end up on the hook for the cards you maxed last minute in a manner similar to how you can't discharge student loans.
>>
>>1033276

You're retarded. You've literally just made up a story about the situation in your head and believed it.
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>>1033222
Op
This >>1034574

Fresh start. 20k from regular work is easy. Criminal record will b Shit.
>>
Only tangentially related: one of my credit card companies sent me a letter in the mail today informing me of an automatic credit line increase. It listed things I might do with such a credit increase, including going shopping to treat myself to something nice, or taking a trip.
So let me get this straight: my card is nearly maxed out (hypothetically) and they raise my limit so I can "treat myself to something nice" knowing that I can't afford it.
Now how would a bankrupty judge react to that?
>Your honor, they WANTED me to take that trip to Vegas. They said I deserved it!
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>>1033268
this is your future
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>>1033376
> 250,000$ on an uncut stone
hahahhahaha
btw, if it was a engagement ring, you can talk to a lawyer about getting it back, it can be considered part of a agreement.
should cost you about 250$ for a letter from the lawyer.
And you have zero right to complain about not having enough money, ever. entitled bitchboi.
>>1033371
This, diamonds have no resale value, unless you are a bulk wholeseller. Diamonds aren't even rare, they just restrict the supply, and get in trouble for buying from the retail market.
.
.
OP. ::
1. calm down
2. Get a new job
3. use your 20,000 in CC credit to pay your bills coming due. Talk to the hospital about a payment plan for your health bills.
declare bankruptcy if you need to.
.
also it's bullshit your wife gets the house and free alimony and the better car. I would have just hired a drifter to kill her before the divorce was final.

.
>>
>>1033222

If you're trying to get $20,000 worth of gold and planning on filing for bankruptcy, your wages will be garnished, you'll be taken to court, and possibly face prison. Creditors won't bark at anything below $2,500, but once you're hitting above that and it's just for purchases of gold, they'll gladly take you to court. You'll not only face threats from creditors, have to go to court, but you'll have a nice amount of judgments and if you can't even file for bankruptcy, good luck with paying all that back plus the interest.
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>>1034615

> health bills

Let them ride into collections, score an 80% discount.

Look into the new FICO system for details.
>>
>>1033222
Just withdraw cash. If you buy gold, they will charge you 5% over spot then when you try to liquidate it they will give you half what it's worth
>>
Also OP, why not use the credit to buy flights to a nice sunny country with free health care and just open a beach bar and enjoy life forever, never wishing you could go back to the rate race?
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Gold is trending down, all you have to do is look at the price and see its going down.

Why would you buy and hold gold then ?

Way to loose on your position and loose your ass.

The only reason to hold PM's now is as a Hedge or as Insurance against Inflation.

And the risk of that is Very small.

We are going to have Deflation when the Quadrillion derivative bubble bursts.

They cant even print enough money to cover it... This is why they talk about dropping cash from helicopters in the sky.

Its insanity and it wont happen.

What will happen is deflation. People who are in property during this will loose big.

And people who hold cash and buy after will win.
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>>1033222
>getting married

What were you thinking? There's enough information available to warn you it's one of the worst decisions a man can ever make. You can't be /biz/ if your dick gets compromised so easily.

That being said, if you can just take cash that would be the preferred option. Gold is really just a hassle and on a downward trend. But if you know it's going up, then please show me your sources cause I want in.
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>>1033376

Lol, assuming you're not a troll, what do you to for a living to be able to buy a fucking 250k diamond for your (now ex) wife?
>>
>>1036385

wholesale semiconductors

mostly CPU by volume but that is my lowest profit line item
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>>1033234
there is probably a chance that this has been attempted before and there are people in place to prevent something like this from occuring.

I mean,the credit card company will KNOW that you have 20k in gold. If the courts levy some sort of judgment against you, that 20k in gold is up for grabs. your car is up for grabs. anything that belongs to you they can take to get back their money. They can get their hands into your wages if they have to.

now, this is when it gets tricky. some people just pretend the debt isn't theirs. They cut up the credit card and hang up every collection call until the debt goes away by law. This is a tricky thing and the closer it gets to fraud, the stronger a case the creditors have against you in court.

stay smart, step one of staying smart is to assume that you aren't smarter than a trillion dollar corporation.
Thread replies: 46
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