More specifically, when someone takes out the highest loan amount from the bank that they can & then flees the country in order to not pay it back, what exactly happens in such cases?
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Why would you flee? Most countries do not send people to jail for debt problems. There are credit counselling, bankruptcy, and other programs to assist if you find yourself in debt and unable to pay it off. There are even a lot of rules now to prevent the kind of harassment that you used to get. You will still get letters and calls, but not nearly as bad as it once was.
It sucks when you get in over your head, but it’s not something people should feel the need to flee over unless you’ve done something criminal I suppose. People make mistakes, it’s just money.
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