[AngryData]

You can't just declare bankruptcy and then be all good, you have to go through a court and a judge is going to lambast you for attempting such a thing when it is obvious you didn't even try to pay your loan. Otherwise this same thing would be a problem for other forms of loans too. Someone gets a loan, stashes it in some form that can't be retrieved by debt collectors, declares bankruptcy. The judge is going to tell you go fuck yourself because you don't even have anything to liquidate and deny your bankruptcy declaration. If you do have something to liquidate, well now you aren't any better off because you just lost all your possessions.

Plus there are criminal charges for fraud since it would be pretty obvious you took out the loan with this plan in mind.