Consumer debt crunch and division by two

Justin Schwartz jschwart at
Mon Jun 8 13:48:23 PDT 1998

I'd be very cautious about even appearing to advocate or counsel credit fraud, bankruptcy fraud, etc. You could go to prison for a very long time if you tried it and you could be nailed as a conspirator, liable for all the crimes foreseeable in the conspiracy, for advocating it. Don't even think about it.


On Mon, 8 Jun 1998, Wojtek Sokolowski wrote:

> Not to mention the fact that credit card debt is a form of unsecured loan -
> which means one can legally default on payments (Chapter 7 bankruptcy) and
> keep most of the personal goodies (ok, the art collection will have to go).
> Hence the possibilties of the debt swaps, student loan to credit card or
> mortgage to credit card - NOTE: do not do it directly to avoid suspicion of
> the bankruptcy judge, pay your other debt with cash and use your VISA to
> pay your living expenses.
> So I agree with Doug, a VISA or a MasterCard can be a way out of the debt
> slavery, if used properly :).
> Regards,
> WS

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