whats actually stopping someone from taking out a 100k loan, putting it in gold, hiding it, and then declaring bankruptcy? other than tanking your credit score for like 7 years?

>>60505033 (OP)
1. You cannot take out a loan without collateral.
2. Declaring bankruptcy involves a court, and the court will investigate and discover you spent your money on gold, and will order you to surrender said gold to pay your debt.

>>60505065
i maxed out all my credit cards in 2013-2015 about 50k worth. wells fargo sued me. whent to court judge threw out the case. dont remeber why i think one of there lawyers essed something ip.

>>60505092
Congrats on the lucky break. Typically, banks will hire competent lawyers to ensure people can't just walk away with tens of thousands for free. Sounds like they didn't bother in your case.
Also worth mentioning for OP that unsecured credit (like credit cards) often comes with strings attached for what it can be used to purchase, the most common restriction being it cannot be used to purchase cash or cash equivalents (e.g. gold).

>>60505092
Can you get credit cards today, or are you on a secret industry blacklist?

>>60505065
1. You absolutely can get $100k in credit cards without collateral.
2. You simply just don't pay your bills on your credit cards. There's no collateral on them so there's nothing creditors can do besides tank your score.

>>60505564
>1. You absolutely can get $100k in credit cards without collateral
Credit cards are unsecured debt, which cannot be used to buy cash or cash-equivalents (e.g. gold).
>there's nothing creditors can do besides tank your score.
Your creditors will be at your bankruptcy hearing. The judge will hand them all your assets to pay your debt.
Even if you don't file for bankruptcy, your creditors will win judgements against you. Your income will be garnished and assets siezed.

>>60505033 (OP)
felony fraud charges

>>60505033 (OP)
This picture vexes me. Can anyone elaborate on its implications?

>>60505744
>Credit cards are unsecured debt, which cannot be used to buy cash or cash-equivalents (e.g. gold).

Derp you absolutely can buy gold with a credit card. Kitco and Costco both sell gold on credit cards, there's definitely more:
https://online.kitco.com/buy/gold-silver.html

>>60505908
>derp you absolutely can
>derp you absolutely can
Dude you are an idiot who has absolutely no clue what you're talking about. You came here and asked a question, having already formed an opinion in your mind. When people knowledgeable answered you you decided to contradict everything they said.

So go ahead and do it, see where it gets you. Clearly noone has ever thought of this idea before - so you should probably keep it to yourself now and not talk about it here.

>>60505934
Dude even in Türkiye you can buy gold with credit cards. It's everywhere.

>>60505908
^ this anon is right.
what's with the retards saying you can't? bitcoin maxis? bank employees? lol.

and did you know you can write a balance transfer check directly into your bank account?

anyway, what's the status update on the anons who did this a few years ago during the bear, or did they chicken out?

>>60505944
Turkey isnt particularly known for regulating that to be honest. But irrelevant to the discussion. You can buy at Costco etc. to begin with yes but it will look suspect when they come for the bankruptcy filings and the bank suing you. But they don't go after everyone. You have to do a certain amount of damage to the bank.

>>60505033 (OP)
The main problem is that that's fraud and if you get caught you'll go to prison for it.

Most people weigh that risk and decide against doing it.

>>60505953
You can buy gold with Bitcoin too. I think Apmex was the one that pioneered that over a decade ago.

I keep telling the retards on /pmg/ to get both. It worked out great for me.

>>60506000
false if debt is unsecured.

what's with all these newfag bank tellers?
where are the anons who did this in 2021?

>>60506005
agreed, both was always the way.

but kind of funny rebuttal against gold bugs: you can buy gold with btc, but never btc with gold.

>>60505033 (OP)
anon, they'll absolutely come after hidden assets in bankruptcy court
judges aren't stupid
sudden gold purchases right before filing is textbook fraud
if you want to gamble with other people's money at least do it somewhere with plausible deniability like putting it into goat on avax or some other memecoin and claiming you lost it trading or some shit
still illegal, but harder to trace than physical gold