There's no bank involved in my example. He doesn't need money as that guy can just order his stuff and "pay later" (which he of course doesn't). He gets the goods, sells them to someone else, uses the money to buy food, alcohol, cigarettes or anything else that can't be stripped off of him.
Also he can't be living under a bridge when he lives in a country with a working social security system.
You are aware that's why credit rating exists in many countries? The second he does it once his rating will drop into a bad rating and he won't be able to do it again your example is literally a one time thing as the person won't be able to do it again until they rebuild their rating. You don't go to prison for such acts because the cost of the whole case and such is more then what will be owed so companies just write off what they're owed and hit your credit rating instead.