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What happens to your finances when sent to prison?

TallBill

TallBill

Lifer
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
 
Originally posted by: TallBill
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
Click to expand...

try it and let us know.
 
Originally posted by: TallBill
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
Click to expand...

i've wondered this myself as well.
 
If you got asset, i am sure you can set up your checking account to make automatic payment on your mortgage bill. Otherwise, bank will foreclosed on your house, you will default on your cc if you have any balance etc. Basically when you get out, you will have nothing if you were not able to pay for it while in prison*

*Not talking from personal experience.
 
Originally posted by: TallBill
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?
Click to expand...


You can still own property. If you can't pay your bills you lose it just like you would out of prison. Some people sign stuff over to family so they can get money on the inside. Cash inside a prison is worth almost double what it is on the outside.

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
Click to expand...


They get a small amount of money , usually less then $250 and they look for a job like the rest of society. They usually have a shelter or somewhere people can go on the first night out.


This is what I have seen from watching programs like lockup on msnbc.

Personally I think I could save prisons a ton of cash. Average cost per inmate is $32K per year. That is more than some people earn.
 
Originally posted by: Squisher
I imagine you could set up any asset with a trust.
Click to expand...
Which is probably why rich folks get to go to prison 10 months after sentencing. 😉 Poor folks get carted off immediately.

I know at the local jails here you get charged for every day you stay. I don't know if the 'big house' works that way or not. It should.
 
Originally posted by: boomerang
Originally posted by: Squisher
I imagine you could set up any asset with a trust.
Click to expand...
Which is probably why rich folks get to go to prison 10 months after sentencing. 😉 Poor folks get carted off immediately.

I know at the local jails here you get charged for every day you stay. I don't know if the 'big house' works that way or not. It should.
Click to expand...

So if you got no money, they let you go?
 
well, in general you try not to go to prison. hopefully if you do go, you have money set aside or you have someone take care of it for you. but, in general, your kind of fucked if you go to prison. in more ways then one.
 
Punishment for some types of offenses involve forfeiture of assets. Otherwise, your bank accounts would continue to operate normally. I knew a guy who had to do some time for a DUI type offense and his wife maintained everything while he was away.
 
Originally posted by: looker001
Originally posted by: boomerang
Originally posted by: Squisher
I imagine you could set up any asset with a trust.
Click to expand...
Which is probably why rich folks get to go to prison 10 months after sentencing. 😉 Poor folks get carted off immediately.

I know at the local jails here you get charged for every day you stay. I don't know if the 'big house' works that way or not. It should.
Click to expand...

So if you got no money, they let you go?
Click to expand...
Not hardly. You still owe them the money. A roof over your head and three squares costs you these days.
 
Originally posted by: Modelworks
Originally posted by: TallBill
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?
Click to expand...


You can still own property. If you can't pay your bills you lose it just like you would out of prison. Some people sign stuff over to family so they can get money on the inside. Cash inside a prison is worth almost double what it is on the outside.

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
Click to expand...


They get a small amount of money , usually less then $250 and they look for a job like the rest of society. They usually have a shelter or somewhere people can go on the first night out.


This is what I have seen from watching programs like lockup on msnbc.

Personally I think I could save prisons a ton of cash. Average cost per inmate is $32K per year. That is more than some people earn.
Click to expand...
Actually, most of that figure is for guards, excuse me Corrections Officers:roll:
Who are the biggest union in California, and part of the largest and fastest growing industry (THIRD PARTY Corrections Services) in California.
So it is in effect, what some people earn.



 
I wonder if there are companies that specialize on asset liquidation for inmates. Say, you have a house, and you are locked up for quite some time - you contact these companies, and they sell off everything, from your socks to the house, and put the money into a fund of your choice.

When I was taking my public notary courses, instructor told us stories of notaries who specialize on working with penitentiary systems. They make a bank compared to other notaries: regular notarization is no more than $10, but they charge for travel and convenience (they can get called at any hour of the night) up the wazoo.
 
Originally posted by: paulney
I wonder if there are companies that specialize on asset liquidation for inmates. Say, you have a house, and you are locked up for quite some time - you contact these companies, and they sell off everything, from your socks to the house, and put the money into a fund of your choice.

When I was taking my public notary courses, instructor told us stories of notaries who specialize on working with penitentiary systems. They make a bank compared to other notaries: regular notarization is no more than $10, but they charge for travel and convenience (they can get called at any hour of the night) up the wazoo.
Click to expand...
My impression is that the overwhelming majority of inmates in prison don't have a pot to piss in. I mentioned it briefly above, but a lot of your white collar criminals, high profile criminals and the like mysteriously don't have to report to prison for months after sentencing. Plenty of time to set up whatever they need to. In addition, I think a smart attorney would be advising their client of the need to get the ball rolling as the proceedings were unfolding.

Just my thoughts whether right or wrong.
 
Originally posted by: TallBill
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
Click to expand...
I'll come visit.
 
Originally posted by: moshquerade
Originally posted by: TallBill
Thought of this after reading another thread. What if you just get sent to jail for a year? Can you still own property and make mortage and credit payments? What if you can't pay your bills because you have no income now?

What if you have all sorts of retirement accounts and get sentenced to life? Would you even really give a shit? The hardest would be the guys that get like 10-20 years. How the hell do they get going again when they get out?
Click to expand...
I'll come visit.
Click to expand...

Reason #179 not to go to jail 😛
 
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