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jojomoddingtoday at 6:12 PM1 replyview on HN

Probably criminally liable for bankruptcy as well. At least in Germany (where I am vaguely familiar with the law) you lose bankruptcy protection for debts you take on that are knowingly not covered by existing assets or expected future income. This is usually hard to prove, but if your assets are 0 and there was never a viable plan all along they'll likely found you guilty. This means you become personally liable to the creditors and might also face jail time.


Replies

ccozantoday at 6:25 PM

In Germany yes, the law is pretty tough: you need to think _every_ day this "Will I be able to pay anything I have to pay with a horizon of 12 months?"

If in one day answer is NO, you have to immediatelly go and register insolvency. If you do not do it, big issue, and possible jail time.