Topic: Has anyone successfully evaded collections agencies by exchanging fiat into BTC? - page 3. (Read 3777 times)

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.

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

Sounds like a problem, thanks for the correction.

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.

Federal student loans are exempt from bankruptcy.

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.

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.

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 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.

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.

Back in my naive days, when I actually thought having a degree meant something, I managed to accrue a significant student loan debt, mostly from the out-of-state graduate school (that I did not even graduate from).

The plan always was to get a good enough job via the degree that would eventually help me repay the student loan. Fast forward 12 years: I am near-broke with a below-average salary job and a couple extra grand built up in interest on the loan. The loan agency will not make any deals with me to reduce the monthly payments, so basically I can either make my loan payment _or_ have food and a roof above my head.

Today I received a call from the agency (Aspire Resources) telling me I'm about to go into default, even though I made a nominal payment to try to reset the 270-day rule (turns out they only accept the monthly payment in full as criteria for "payment" -- I'm not sure if this is legal or not). So I quickly do some research and find out that not only can student loan collection agencies garnish your wages with a court order, but they can also freeze/empty your bank account and take back any tax refund money you might have.

So my question is, how feasible is it to use cryptocurrency should I have to hide money from these debt collectors? I can't pay my bills in bitcoin, and if bitcoin should drop down to $20 per BTC, then I might as well just have handed over the money to these weasels in the first place... Don't think the property manager will accept BTC either for rent - he's at least 70 years old.

My boss on the other hand is quite tech savvy and I'm sure I could request to be paid in bitcoin. The problem then becomes, can wages denominated in BTC also be garnished? Hard to say since its currently classified as "property" by the IRS. I live in a remote area which hardly even knows or much less understands bitcoin.

Has anyone here been in this situation before? Your thoughts on the matter are appreciated.

Thanks from a broke ex-neuroscientist.