nutildah (OP)
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Happy 10th Birthday to Dogeparty!
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April 08, 2015, 09:56:21 PM Last edit: April 24, 2023, 12:00:41 PM by nutildah |
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Edit: turns out the answer was "yes"
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countryfree
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Your country may be your worst enemy
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April 08, 2015, 10:03:19 PM |
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What are you trying to do? It's certainly possible to hide some money with BTC but that won't change your debt. About your salary being paid in BTC, don't think about it, it would not work. Your employer will keep you on its payroll, so nothing would change. There are many ways to hide money, but you can't hide a salary from a regular job.
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I used to be a citizen and a taxpayer. Those days are long gone.
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chmod755
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April 08, 2015, 10:09:13 PM |
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I don't live in the U.S. but usually a collections agency is allowed to take most of your property if you can't pay so it doesn't really matter. They won't simply give up just because you're out of money they'll just take your car or anything else.
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12345mm
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April 08, 2015, 10:15:12 PM |
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sell everything you own / borrow as much money as you possibly can , empty your fiat currency account(s) , convert all your available currency into bitcoin through anonymous means (in person cash for bitcoin) , mix it thoroughly and put it on a flash drive , then declare bankruptcy or expatriate from the country , and then convert bitcoins back into fiat currency through anonymous means ... btw what i am suggesting is *highly* illegal and would constitute committing bank/credit fraud ... but it would fix your money woes ... so ... depending on just how desperate your situation is ... might be worth it ...
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Bit_Happy
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A Great Time to Start Something!
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April 08, 2015, 10:21:26 PM |
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You also have the option of a fully legal bankruptcy, but they might end up taking a % of your current income. Talk to an expert since you might shave a big chunk off of your debt.
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byt411
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April 08, 2015, 10:24:56 PM |
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If you really want to hide your money with Bitcoin, your best bet would be to find a Bitcoin ATM without KYC/AML compliance (not sure if that even exists in your country) and transfer the money into Bitcoin. That way, they can't get your money. However, I'm not sure if this is even legal or not, so it's up to your own jurisdiction.
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raywillet
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April 08, 2015, 10:28:45 PM |
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You also have the option of a fully legal bankruptcy, but they might end up taking a % of your current income. Talk to an expert since you might shave a big chunk off of your debt.
Federal student loans are exempt from bankruptcy.
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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political
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April 08, 2015, 11:14:29 PM |
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I don't live in the U.S. but usually a collections agency is allowed to take most of your property if you can't pay so it doesn't really matter. They won't simply give up just because you're out of money they'll just take your car or anything else.
I thought even a collection agency has to sue you in a court of law and obtain a judgement against you before they could actually take anything from you.
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Bit_Happy
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April 08, 2015, 11:17:47 PM |
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You also have the option of a fully legal bankruptcy, but they might end up taking a % of your current income. Talk to an expert since you might shave a big chunk off of your debt.
Federal student loans are exempt from bankruptcy. Sounds like a problem, thanks for the correction.
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frankenmint
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April 08, 2015, 11:24:21 PM |
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okay so here's your problem: As soon as a judgement is made to garnish your wages, it will then become a liability of your employer, NOT you, to repay the money. It doesn't matter if you have your check paid out in BTC or not, they will still work with your employer to deduct (usually around 20%) of your paycheck to meet legal garnishment obligations. Do NOT approach your employer to pay you in BTC if you know that your primary intention is to simply dodge paying the loan. Now, its okay to ask him to pay you in BTC if that's indeed what you really want, but if you tell him that you're doing this to dodge debt obligations, He may get scared and decide to let you go if he's fickle about it. You may be an awesome employee, but some people are iffy like that and he may fire you to simply get around having to deal with it. What state do you live in? You may have legal remedy. https://www.tuition.io/student-loan-help/how-to-guides/how-to-lodge-a-complaint-against-your-student-loan-servicer/hth
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plasma1010
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April 08, 2015, 11:42:11 PM |
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I don't live in the U.S. but usually a collections agency is allowed to take most of your property if you can't pay so it doesn't really matter. They won't simply give up just because you're out of money they'll just take your car or anything else.
Where do you live in Nigeria or something ? The US debt is trillions of dollars over the GDP, it's impossible to pay back. Debt collections and student loans companies are just floating as long as they can, and it's pretty rare to have anything other then 15% of your pay deducted, and even that is under worst case scenarios if you are actively avoiding even the slightest contact or payments of your debts.
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Send me BTC if you enjoyed this post | 1LtTpCqbaXj548Pxvdy2VrE8JNa3zkcL3A
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MF Doom
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April 08, 2015, 11:45:17 PM |
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I believe there was an article about people hiding their money in btc when going through divorces. Sounds like you could "hide" yours too if you really wanted to
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nutildah (OP)
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Happy 10th Birthday to Dogeparty!
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April 08, 2015, 11:55:10 PM |
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sell everything you own / borrow as much money as you possibly can , empty your fiat currency account(s) , convert all your available currency into bitcoin through anonymous means (in person cash for bitcoin) , mix it thoroughly and put it on a flash drive , then declare bankruptcy or expatriate from the country , and then convert bitcoins back into fiat currency through anonymous means ... btw what i am suggesting is *highly* illegal and would constitute committing bank/credit fraud ... but it would fix your money woes ... so ... depending on just how desperate your situation is ... might be worth it ...
I like this, but my problem isn't that serious. I know somebody who owes $140k in student loans and somehow it doesn't upset them at all; they've been racking up & evading for over 20 years. Oh, and they have no intention of paying it back. okay so here's your problem: As soon as a judgement is made to garnish your wages, it will then become a liability of your employer, NOT you, to repay the money. It doesn't matter if you have your check paid out in BTC or not, they will still work with your employer to deduct (usually around 20%) of your paycheck to meet legal garnishment obligations.
Good to know... You're right, he probably wouldn't want to take on the extra hassle or responsibility. I thought even a collection agency has to sue you in a court of law and obtain a judgement against you before they could actually take anything from you.
You are correct. Thanks everyone else for the tips.
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chmod755
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April 09, 2015, 12:07:38 AM |
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Where do you live in Nigeria or something ? The US debt is trillions of dollars over the GDP, it's impossible to pay back. Debt collections and student loans companies are just floating as long as they can, and it's pretty rare to have anything other then 15% of your pay deducted, and even that is under worst case scenarios if you are actively avoiding even the slightest contact or payments of your debts.
No, I live in Europe. How exactly is the U.S. government debt related to this thread? Collections agencies usually sue people if they don't pay (at least if the amount is significant - I guess OP would try to hide it if it wasn't)
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Kazimir
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April 09, 2015, 12:10:09 AM |
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Irrelevant. The idea of Bitcoin is not to evade collection agencies, the idea is to avoid banks, financial institutions, or other now-obsolete 3rd party middle men, who have been charging us ridiculous fees for shitty service, without adding of created any actual value.
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chmod755
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April 09, 2015, 12:17:29 AM |
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Irrelevant. The idea of Bitcoin is not to evade collection agencies, the idea is to avoid banks, financial institutions, or other now-obsolete 3rd party middle men, who have been charging us ridiculous fees for shitty service, without adding of created any actual value.
Your post is offtopic. Bitcoin doesn't require financial institutions, but doesn't exclude them either. OP: I suggest you find a way to settle this - trying to hide it may end up being more expensive and will definitely do more damage to your credit score.
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nutildah (OP)
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Happy 10th Birthday to Dogeparty!
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April 09, 2015, 12:34:48 AM |
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Irrelevant. The idea of Bitcoin is not to evade collection agencies, the idea is to avoid banks, financial institutions, or other now-obsolete 3rd party middle men, who have been charging us ridiculous fees for shitty service, without adding of created any actual value.
My student loan has been bought and sold by so many third parties, you can bet somebody's gonna shell out for a 4th party collection agency by this point.
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Blazr
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April 09, 2015, 12:37:08 AM |
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In some parts of the world if you do not pay back the debt the debt collector can seize any property from you. In the uK debt collection agencies send out bailiffs to the debtors house to collect any property that might be worth something, like cars, computers, furniture, jewellery, which will be auctioned off for roughly 50% of it's value and paid off against the debt. I assume this could extend to Bitcoin. You cannot prevent the Bailiffs from entering your house, if you do they will call the police who will try and force their way in. And you have to pay the Bailiffs a fee too which is automatically added onto the debt. They can also come back as many times as they want. This might seem bad but it isn't as bad as other parts of the world like South Korea where the debt collector can literally just show up at your door and break your legs if you don't pay up.
I'd say it may be possible to hide your money with Bitcoin. If you don't give up the password, there isn't a whole lot they can do about it. Though I strongly advise against doing this as it's almost certainly illegal, though I am not an expert on law or anything.
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Ron~Popeil
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April 09, 2015, 12:45:58 AM |
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In some parts of the world if you do not pay back the debt the debt collector can seize any property from you. In the uK debt collection agencies send out bailiffs to the debtors house to collect any property that might be worth something, like cars, computers, furniture, jewellery, which will be auctioned off for roughly 50% of it's value and paid off against the debt. I assume this could extend to Bitcoin. You cannot prevent the Bailiffs from entering your house, if you do they will call the police who will try and force their way in. And you have to pay the Bailiffs a fee too which is automatically added onto the debt. They can also come back as many times as they want. This might seem bad but it isn't as bad as other parts of the world like South Korea where the debt collector can literally just show up at your door and break your legs if you don't pay up.
I'd say it may be possible to hide your money with Bitcoin. If you don't give up the password, there isn't a whole lot they can do about it. Though I strongly advise against doing this as it's almost certainly illegal, though I am not an expert on law or anything.
Wow. I don't use debt except for my mortgage but I would love to see these "bailifs" try that in the US. We have car recovery agents assaulted and even shot at times. I guess we have differeing opinions on private property and owership here. To the original question, put your coins in a paper wallet and hide it well. Then wipe the hard drive on the computer you used to generate the wallet.
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ebliever
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April 09, 2015, 01:10:07 PM |
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What is the right thing to do? You voluntarily incurred a debt. Don't let it be on your conscience or your record by trying to weasel or rationalize a way out of it. Better to be poor and of good character than evade the debt and carry the weight of sin thereafter, not to mention any other consequences.
I understand about the frustration of carrying debt for an unused degree; I've still got five years payments to make on my (stay at home) wife's degree. But whether it was useful or not is irrelevant. It's not the lenders fault if we buy something on credit and it winds up sitting around the house unused. And while I fault the "education" industry for over-selling its wares, it's still a choice people make for themselves in the end.
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Luke 12:15-21
Ephesians 2:8-9
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