A friend of mine is bankrupt his work closed and he is left with a big pile of bills but he also had a large amount of money that was given to him when his parents died.

Did you know there are secured credit cards that will carry a balance of a $100,000 sure there are monthly fee's that take care of the account. So when credit report was pulled it simply says a credit card with an open balance of a $100,000. Brilliant

All of his debt was discharged and he is now starting over.

Now that is blackhat.

secured cards will not work. they are tied to a savings account. they make you deposit funds to cover the credit line.


put it in a matress.

It worked for him.

Originally Posted by Celsius

It worked for him.

It might be too risky in the long run because angelas111 is right in regards of the saving account. I think it's only a matter of time the creditors will catch up.

form an business

easy. deposit the 100k in your OWN account. lose it that night in a poker room - to your wife/sister/daughter/best freind, whoever.

when creditors see it, say u were gonna pay ur debts but lost it gambling first (say ur uncontrollable habit is why u went bust in the first place)

your friend/spouse/sibling/offspring then buy u everything u want with their new found 100k, keeping all cars/property/valuables in their name

I like the mattress idea myself. Much safer imo. If the creditors know you have that money they will try and get some of it.

Do you need an bank account to have access to a safety deposit box? You can put whatever you want in there..

Originally Posted by CMS2009

easy. deposit the 100k in your OWN account. lose it that night in a poker room - to your wife/sister/daughter/best freind, whoever.

when creditors see it, say u were gonna pay ur debts but lost it gambling first (say ur uncontrollable habit is why u went bust in the first place)

your friend/spouse/sibling/offspring then buy u everything u want with their new found 100k, keeping all cars/property/valuables in their name

Brilliant idea!

But not wanting to risk getting caught for conspiracy, your second best bet is to take a quick trip to Europe, deposit the money into a Swiss bank account (opening one is ridiculously easy nowadays), on your way back visit a casino, lose a little bit of money just to establish the fact that you've actually been to the casino (in case anybody will start wondering what happened to the $100k) and you're all done.

Originally Posted by cucr3

Do you need an bank account to have access to a safety deposit box? You can put whatever you want in there..

They could subpoena the contents of the sdb if they become aware that you have one. Then they can possibly jail you on contempt of court if you fail to tell them, then if you tell them they could possibly seize whatever is in there and if you lose or other wise dispose of it then you are guilty of fraudulent conveyance.

Best bet is the mattress or a business you work for part time as a consultant for, they can't garnish below a certain amount and since you don't own it and they can't include the business then your cash is safe.

You can to my understanding keep up to $1750 in a bank account at any given time without the worry of it being seized. Check for a source for the exact $$.

Otherwise you could invest it in a permanant life insurance policy which you are the benificiary of but not the owner of, it works great with a relative so if they die you get more $ and it can be set up so they can't touch the cash value. It's creditor proof since it's not yours but a loan can be taken against it at any given time.

Personally I like the business idea and mattress better since they are more liquid.

To each his own but pretty much make it seem like going after you would be a losing bet. Like you live with friends, have no car and work at mcdonalds.