>Man Has 1,497 Credit Cards http://abcnews.go.com/GMA/Wat

That's fine if you can do it, have no assets that can be seized, and know what you're gonna do with your life while you wait for the 5 years (dunno what it's like in the US) or so before you can earn big money again

>>1660468
There are a few rules with Bankruptcy. You have to be a little bit careful not to violate on of the rules or they will deny your bankruptcy.

Your plan will work if you do it slowly. You have to show that you took the loans in good faith - with the clear intention of paying back the debt.

I guess a real question is if there is a line where you suddenly in trouble for fraud. I assume their is a line, but where is it? Our fucking president used bankruptcy as a key strategy, so it's obvious you can get away with a lot of bullshit if you know the rules.

>>1660656
What happens if I have no assets, money or anything and can't file for bankruptcy?

>>1660727

tyrone rapes your ass in prison

>>1660736
How does the lender benefit from that? His money is gone.

>>1660468
>and filing for bankruptcy?

fuck that. But a load of Diamonds or Bitcoin or something and go live in china.

>>1660468
Your kids and your kids' kids and your kids' kids' kids will be buried in debt

>>1660468
What prevents me from opening >50 credit cards, maxing them, and using that money to start a business?

>>1660770

Seriously tho, why cant this be done? Withdraw/spend all your CC on valuable products then go to China

>>1660727
Nothing as long as you don't own a govt entity money. It will go to collections,they will "bother" you with mail, try to call you until you merely tell them not to until the debt is sold off and eventually charged off. It ruins your credit, but there's no debtor's prison (anymore).

>>1662051
>>1662093
Nothing if they extend you that much credit.

>>1662030
Are you an idiot?

>>1660738
tyrone was the lender, so at least he's still getting some boipussy.