5 ms·
From stories I heard growing up, a debt like $700k USD would get somebody killed by their bookies. But Robinhood isn't a bookie, I think, so what would have hap
by Kednicma 6y ago
From stories I heard growing up, a debt like $700k USD would get somebody killed by their bookies. But Robinhood isn't a bookie, I think, so what would have happened to this unfortunate soul instead? Bankruptcy and garnishing?
- nine_k 6y agoI can imagine the reason could be the insufferable feeling of guilt and shame, especially if the poor trader e.g. lent someone else's money and now would leave them broke.
- victor9000 6y agoHell if a kid owed me 700k, I would seriously consider putting them through college just to increase the chances of ever seeing that money again.
- wwweston 6y agoAs they say: you owe the bank $100, it's your problem. If you owe the bank $100mil, it's the bank's problem.
- loeg 6y agoThey had no income; nothing to garnish. They'd enter bankrupcy and discharge the debt. Their credit would suck for 7 years and they'd lose assets that can be taken in bankrupcy (if they had any).
- unishark 6y agoPresumably the debt would get sold to debt collectors for pennies on the dollar and they would try to get what they can, perhaps settling for some fraction of the amount. Bankruptcy would probably make it all go away.