This seems like an actual bit of planning for the wealthy done not by themselves but their advisors. Some people might be down voting for it being cynical, but you know that those that have money have paid people to consider every possible angle at how to not only protect their money but turn a profit in situations that would otherwise devastate an average person.
The very wealthy certainly use it (the most famous case being OJ Simpson) but even if you're not 1% wealthy, but have assets, you should at least consider it. Especially if you're looking to move anyway, it could be a factor.
> Annual bankruptcy filings in calendar year 2022 totaled 387,721, compared with 413,616 cases in 2021, according to statistics released by the Administrative Office of the U.S. Courts.
There are all sorts of techniques/tricks/hacks (depending on your style) of using the system that does not require 1% kind of income. Sort of that line from The Firm, "I want to bend the law as far as I can without breaking it." You can form a corp and place all of your assets in it, then have your employer hire the corp and not you so you earn no income. You don't own a house, but your corp does and allows you to stay there. Stuff that sounds shady AF, but is legal but might require you to spend a few hours going over paperwork with members of the gov't from time to time
