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I worked with someone who financed a feature film on 67 credit cards. He didn't make his investment back at all, and had to disappear for awhile, as he was sad

I worked with someone who financed a feature film on 67 credit cards. He didn't make his investment back at all, and had to disappear for awhile, as he was saddled with about $300,000 in credit card debt. But when the credit card companies did catch up with him, years later, he was able to settle his whole debt for about 30k. Running from the credit card companies ruined his credit, of course, but I wonder if the author of the article would have gotten a better rate of return if he had just hid from the credit card companies, waiting for them to get desperate enough to settle.

wanorris 15y ago
The opportunity cost involved in "hiding" might make this a bad deal though. The author was involved in doing above-board consulting work and planning his next startup. I would expect that taking legal employment under your own name makes you relatively findable. Worse, recruiting investors for a startup is likely to be much more difficult if they perform due diligence on you and discover that you have a history of running away from creditors. Of course, even worse than that is that the author planned his moves carefully in advance. While running off when you owe too much money isn't the best move, planning to run away from your debts might well be prosecuted as fraud.