I was listening to a podcast where a serial killer was in debt half a million dollars. He was then put in prison for life. What happens to that debt?
In: Economics
If the prisoner doesn’t make arrangements to continue paying off the debt while they are in prison then they will suffer the same fate as anyone else who doesn’t pay their debts. Their credit score will be damaged, and they will find it hard to get credit once they get out. Possibly lawsuits if the debt is big enough. Still, it’s not like you are entirely isolated when in prison. You can still talk to relatives and friends on the outside, and you can use their assistance to make payments on the debt if you wanted to.
If you are understood to be in prison for life, then the debtors will probably just write it off as a lost cause, or potentially sue your family/estate to try and get any debts paid.
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