Might be region specific, where I live you can't default or do bankruptcy, it just goes to the National Enforcement Authority that haunts you until you pay for the rest of your life. They don't care about any valuables without clear resell value like a newish car or jewelry or a house.

You also lose your credit status, making you unable to get new loans or phone plans, and often making apartment finding really really difficult

memory speed is still really important for inference tasks

There are tons of applications that strictly don't run from even windows 7 era. Some games work with a couple hours of looking up fixes and patches, some not even then. Interestingly I've been pretty succesful with wine/proton on those