[lookout123]

you'd be surprised how often someone can do that and still get a loan. and the people who start the process with intent get quite a few credit lines set up before they quit paying.
i worked with a guy who had replayed the whole process on a very very grand scale every 7-9 years since about 1970. lived in a big big beautiful house, drove fine german automobiles, had tons of cash, and every toy you could think of and the only things he actually paid for were the house and cars.

do well with small credit lines. get bigger credit lines. keep balances low, get more and bigger credit lines, start taking cash out of a couple of the credit lines in small increments, make minimum monthly payments. keep pulling cash out start using credit for living expenses, stockpile cash. low low balances in checking accounts. big home safe. get new car. keep making payments on everything. get new house. next year start making payments for each credit line using another credit line. now you've gone a year without spending actual money, only credit. miss a payment. send in enough to catch up. miss another payment, catch up again. get offers for consolidation loans. accept biggest one, who cares about interest rate? no intent to pay. DON"T close paid off credit cards, pull out more cash make minimum payments on everything. do this until debt to income ration is too far out of whack to qualify for anymore loans, then start missing payments. wait 6 months, file BK.

get $300 credit card the next day. start process all over again. takes 6-9 years start to finish. New BK laws mean that the same people will keep doing this, but instead of BK they will contact creditors for reduced settlement. Average schmoes who got in over their heads before life smacked them a nasty one are the only ones hurt by new BK laws.

BTW - this guy made in excess of $200,000/year and was a complete douche.