Then it looks like it is more feasible to default than to file bankruptcy .. loan defaults stay in your credit for 7 years, bankruptcy for only 10 years .. and move to another state if you plan to default ..
defaults do not assure you'll not be chased after to collect on the loan ... well, unless you're unemployed ... if you want to be absolutely sure creditors won't come after you and garnish your wages you've to have some kind of legal protection like bankruptcy. Legally speaking, filing for bankruptcy should normally not be a ground for discrimination on the part of an employer on their decisions to hire your or not ..
Citigroup, formed by the 1998 merger of Travelers and Citicorp, is the largest U.S.-- based bank holding company. It engages in questionable high interest rate lending in low income communities across the United States, and now globally, through its CitiFinancial unit. Though its investment bank, Citigroup underwrites and trades in pools of loans issued by other predatory lenders. It has assisted Enron, WorldCom, and others; it has settled a slew of securities charges on the cheap. Citigroup finances and is involved in such environmentally destructive projects, including as a purchaser, despite contrary claims and its surreal inaccurate advertisements. Citigroup is nearly the definition of "predator."MBNA and Bank of America (BofA) already merged. The $35 billion deal creates a combined financial giant with 20% of the U.S. credit card market. Both companies have a track record of lending practices that harm consumers. Bank of America has a strikingly disparate lending record and is extensively involved in subprime lending. MBNA's record of mortgage lending is questionable, and has a history of spending heavily to influence federal legislation that will increase its own profits at consumers' expense.The two companies and their employees have given federal candidates and parties nearly $22 million over the past 15 years — making a merged BofA-MBNA America's top corporate contributor. BofA made more than 2.4 million in campaign contributions last year. In 2004, MBNA surpassed Enron as the single largest donor to George W. Bush. MBNA showered millions on federal candidates (more than 1.5 million in 2004 alone) as it took a leading role lobbying for bankruptcy "reform" -- legislation passed by Congress and signed by Bush on April 20, 2005 that will make it much harder for consumers to file for bankruptcy.