mr.smileysad
Student
- Aug 29, 2020
- 180
I recently heard a genius idea to borrow a million dollars from a bank before your ctb. My question is would you do this
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You better have enough assets as collateral otherwise banks won't lend you 1 million dollars. I wouldn't do it because the bank will harass your family for the money if you CTB'ed. They'll take your family dog if they have to.
Depending on your job and credit score, you could buy a really expensive car, and get a couple of credit cards in the $20-$40k range and max those out.
Don't know about the American laws but in most countries you cannot inherited debt. I'm an attorney.You better have enough assets as collateral otherwise banks won't lend you 1 million dollars. I wouldn't do it because the bank will harass your family for the money if you CTB'ed. They'll take your family dog if they have to.
This my dude. Don't make thing messier for other people you care about. Honestly if moneys the reasons ur kicking the curb then don't. There are plenty of ways and time to make money. Money will not bring u happiness. It can only help u mask your sadness it at best.I wouldn't do it because the bank will harass your family for the money if you CTB'ed. They'll take your family dog if they have to.
Same in America, though in some states spouses can be responsible for the cost of basic care, or something, was news to me.Don't know about the American laws but in most countries you cannot inherited debt. I'm an attorney.