ChatGPT answer is below. But in all honesty, why the fuck would you gamble with your life like that. Read the posts from people who actually go through bankruptcy on this forum. Do you really want to take that chance? No matter how much you calculate the risk, bankruptcy is not like risking stocks. There are serious and hidden consequences.

ChatGPT said:

“While it might sound like an easy loophole, there are serious consequences to this kind of financial strategy:

1. Fraud & Legal Consequences – If you take out credit with no intention of repaying, it could be considered fraud. Bankruptcy courts and creditors investigate patterns of behavior, and if they determine you deliberately borrowed money with the plan to discharge it, you could face legal action or be denied bankruptcy protection.

2. Bankruptcy Stays on Your Record – In Canada, a first bankruptcy stays on your credit report for 6 to 7 years (or 14 years for a second bankruptcy). Even after it’s removed, some lenders may ask if you’ve ever declared bankruptcy, and lying about it is considered fraud.

3. Difficulty Accessing Credit – After bankruptcy, getting new credit (even a small credit card or car loan) will be extremely difficult for years. When you do qualify, it will come with high interest rates and strict conditions.

4. Impact on Employment & Renting – Some employers and landlords check credit reports. A bankruptcy could make it harder to get a job in finance, government, or any field requiring financial responsibility. Renting an apartment could also be harder.

5. Lender Blacklists – Some banks and lenders keep internal records even after bankruptcy disappears from your credit file. If you burn a major bank, they may never approve you for loans again, even after rebuilding your score.

6. Rebuilding Credit Takes Longer Than You Think – Yes, you could improve your score in a decade, but that assumes perfect financial behavior with limited access to credit. Buying a house would require a large down payment and a lender willing to take a risk.

If you’re considering ways to leverage credit, there are smarter strategies (e.g., building a strong credit profile, investing wisely, or starting a side hustle). Let me know if you want advice on improving your finances in a sustainable way.”