I therefore don’t have a lot of money and possess very little.
If I’m virtually impervious to criticism. I don’t have any assets or savings, so why should I be concerned about being sued by credit card companies?
Should I simply set aside the money I would normally spend on bills, interest, and fees to create a small emergency fund instead of paying those bills, interest, and fees?
I could take my money out and act like I have nothing if I’m ever sued.
Will you be impervious to criticism for 20 years? Verdicts are valid for ten years. They can be renewed for a further ten years in many states. That’s a long time to hide your money and worry about wage garnishment.
Sincerely, do you believe that no one has ever attempted to take money out of their bank account before going to court or declaring bankruptcy? I occasionally hear of people even attempting to conceal their wealth during a divorce. The field of forensic accounting is expanding for a good reason.
To put it in easy terms:
You are not immune to criticism.
Your wages at work may be taken by them. Your tax returns may be taken by them. They are eligible to get some government benefits like social security. In most states, they can take your car.
If you do it frequently enough and charge a sizable enough amount, you may possibly face fraud charges.
You seem to be heading into a bright future.
You don’t seem to be considering your plan in the long run. It is still possible to garnish your meagre earnings, tax returns, and retirement savings (social security, etc.). For heaven’s sake, if you ever need to borrow money again, your credit is ruined and you’re screwed.
I’m not sure how much you owe, but the potential implications are too great.
That is by far the silliest concept I have ever heard, and I have some very ridiculous notions of my own.
In one way or another, they’ll obtain the funds. tax returns, wage garnishments, etc.
To truly reduce your debt, just earn more money, spend less, and pay more than the minimum amount due.
Even though I have no debts and no money, sir, the government still views me negatively. My 20% has been garnished for the past two years. Even though I’ve already given them $3k, the $200 garnishment really stinks when you don’t have any money, and it doesn’t even go towards my amount owed. I’m not sure what they’re utilising that $3k for legal fees, perhaps.
Wages are invariably withheld from debtors who fall behind on payments and are unable to make them.
You will only receive the bare minimum for living expenses from each pay cheque going forward, with the debt collector receiving the remaining amount until the debt is settled.
Of course, you might also easily wind up in jail if you attempt to commit fraud or conceal evidence during a court case because you won’t have the money for a good attorney.
I find it amusing that people frequently post articles on this forum detailing their schemes to perpetrate fraud.
Yes, I suppose you could accomplish this. However, is it not bothering you in the slightest that you are taking money from someone and have no intention of returning it? This is a foolproof approach, I suppose, assuming you don’t mind accepting blame for your conduct.
Really, what harm may really result from filing for bankruptcy and facing legal action?