How safe are my assets?

[El Tigre]

This dude is a disgrace to society. Like many of us I went to school. I was done with school at 23. I'm now 29 and I'm still paying student loans. WHAT MAKES YOU ANY SPECIAL??? Oh let me guess. You can't find a job. BS. Come to NY. There are plenty of jobs here. PLENTY. Maybe what you should say is that you couldn't find the JOB OF YOUR DREAMS. I have a cousin who works construction and the guy makes enough to support a family of three.

GET A LIFE.

 

[amparocorp]

for all of you who do not know. the corporation that gives student loans in the US is not part of the US govt. it is a for profit corporation, it's shares are traded on the stock exchange. it is the only business in the US whose profits are guaranteed by the govt. it is also a monopoly. this company is recording record profits, it's stock is doing great, loan paybacks are at an all time high, corporate officers are getting 6 and 7 figure paychecks, but they won't lower the interest rates.............people pay back student loans over long periods of time which with accrued interest can double the payback as to what was borrowed....................they are not mother theresa..........i wish the US govt would guarantee my business

 

[cobraboy]

for all of you who do not know. the corporation that gives student loans in the US is not part of the US govt. it is a for profit corporation, it's shares are traded on the stock exchange. it is the only business in the US whose profits are guaranteed by the govt. it is also a monopoly. this company is recording record profits, it's stock is doing great, loan paybacks are at an all time high, corporate officers are getting 6 and 7 figure paychecks, but they won't lower the interest rates.............people pay back student loans over long periods of time which with accrued interest can double the payback as to what was borrowed....................they are not mother theresa..........i wish the US govt would guarantee my business

Caveat Emptor. Please explain what WHO the creditor is has to do with repaying the loan. BTW-the loans are guaranteed, not the profits.

When someone takes out a loan, the loan needs to be repaid, per the agreement.

The corporation who made the loan did it in good faith that the debtor would act honorably by repaying the loan. I doubt there was fine print that said anything about the loan would be forgiven if the debtor didn't find an ideal job.

I had student loans in the mid 5 figures upon graduation. I paid back every cent, and delayed the acquisition of many assets until I did so. The OP is a person who lacks character.

 

[hornet]

Thanks alot Hornet for your advice and not your condemnation. If what happened to me happened to some of our other posters I'm sure they would be raising bloody hell as well. It's always easy to paint the world in absolutes of black and white. Fact is, sometimes it's grey.........

Youa asked for advice on asset protection and that is what you got, I don't care about the moral issues of not repaying back your loans. It's your problem.

The real problem is how the governments all over the world are conspiring to keep people in debt (slavery).

 

[Tuan]

OP sounds like not only a thief, but a crybaby.

 

[cobraboy]

The real problem is how the governments all over the world are conspiring to keep people in debt (slavery).

Oh, please . Conspiring to keep people in debt?

Personal debt is a personal choice; it it subject to personal responsibility.

 

[zak023]

Look at Panama for asset protection, have a Panama Corporation to own the DR one. You could also create a family foundation with no real owner but only beneficiaries (also works well as a substitute for a will, inheretance taxes etc etc). Create a nice structure with empty boxes if you need to.

You could be the protector of the foundation, keeping 100% control on your business. Also start banking there, off-shore I mean, Panama has some of the strictest laws on bank secrecy. It's nearly up there with Switzerland as safety. It's more indicated for small to medium investors though, only big money in Zurich nowadays.

Get advice from a lawyer in Panama, but whatever you do don't go for off the shelf companies.

This is what I am doing and it works..!!!!

 

[Stodgord]

Man where do you get these debt beats with dumb excuses. When I graduated from college I owed about $30K on my student loans. I worked and received partial financial aid for my education. After graduation, I joined the Navy and I was able to defer the loan for another 3 years. By the end of the 3 years grace period, the interest rates were low enough that I consolidated all my student loans into one at a rate of 4.8%. Although, if I want, I could pay all of my remaining student loan, I made the financial decision, whether good or bad, to pay it at a slow pace. The repayment amount is confortable and I get tax credit benefits.

On another note and food for thought. There is a Dominican saying (I think), "Lo mal habido, es perdido".

Someone I know built and furnished a home in the DR with credit card debts. He took advantage of the bankruptcy laws in existence at the time. Too make the story short, his wife of 15 years moved in her chulo to his house, sold all the furnitures (8 chairs caoba (mahogony) dining room table, repisas, etc) appliances (chromated side by side fridge, stove, microwave), mahogony bedroom set and a 1997 GM Safary van. She also sold everything that belonged to the two children she had with him, as well. With this money she bought her chulo a pickup truck, leased a gallera and pays for him to get out of jail everytime his other babies' mamas press charges for child support.

The best thing in life is to be debt free or at least you have a command of your finances.

Take care.

Roberto