>whahhh I have student debt! Make youself an LCC and call

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>>132224479

... but Elsa Jean went BLACKED to pay off her loans

>>132224479
Elsa reminds of my ex who cheated on me for a beta nig. I hate all white women.

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Sounds like fraud to me OP. A good way to wind up in Federal Pound Me in the Ass Prison.

>>132224836
>>132225647
So, get pounded in the ass by a black guy to pay off your debt?

>>132224479
>LCC
Limited Cuck Corp?

>>132224479
This is a good idea, then declare bankruptcy.

>>132225647
Law Student (unfortunately). There is no way that this can be construed as fraud.

>>132224479

God damn that's jewish.

>>132224479

Congratulations, you're a jew now.

>>132224479
>the company

I don't think the US government is going to sell my debt for pennies on the dollar, considering that it's impossible to discharge except by paying it.

>>132224479
h-how do I know who owns my debt?

6/10 attempt to become Jewish, might work if they're too busy to care. Otherwise will get counterjewed very easily with only net negatives to gain.

>>132227195
>>132227204
>>132227554

There is nothing Jewish about escaping your loan payments of an over-priced, SJW, Cultural Marxist run educational institution and the financier that enables them.

This is merely tipping the scale back in your favor.

I paid $4000 back so far for undergrad education and that's about all it is worth in my opinion. I hate paying back the loans and I do not think they deserve one cent of the money back. The public student loan debt bubble is bound to pop so why should I pay in and get screwed?

Even if it was "Jewish" it's better than being a good goy and paying the bill for your SJW education and the system that enabled it.

In fact, we (pol) should form one giant S-Corp, and agree to buy the debt of as many students as possible before declaring Chapter 7, so we can the pop of this bubble. It would deliver a blow to the educational system at large and would force schools to cut away SJW courses like Gender Studies. Who's with /me/?

>>132228192
sounds good in theory until one day when you are in the middle of a board meeting discussing third quarter profits and realize you are the demons, john

>shitposting aside it does have merit

Aren't most student loans public? IE, they come from the government? I don't think they sell that kind of debt to collection agencies, since the government is the single most powerful collection agency in the country. I could see this working for private loans, but not public loans.

>>132224479
Seriously, how can you not have a mental breakdown from living in such massive debts? Is it a norm to lend money? Anyone with a debt here who doesn't have a healthy family is seen as literally subhuman.

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>>132224479
OP u r a genius

Freedom from the merchant HERE I COMES!!

>>132230046
The average american is beyween 70-100k in debt not includibg mortgages. Everyone on america is heavily in debt

>>132230046
I'm intelligent enough to realize that it does not physically exist and that the bubble will pop one day, and moreover, if worse comes to worse, I can move to a jurisdiction where enforcement of the debt is impossible.

>Is it a norm to lend money?
Unfortunately, loans in the US are granted by the state to anyone for university and will cover the cost of education, no matter how absurdly high it increases, so yes.

>>132230046

I am richer than most people here by about 100k or more.
I only have little money in by savings really, but absolutely no debt.

>>132230353
Wtf I feel better about my 10k debt

OP, if you're still around delete the OP image.

People do not take threads seriously if they see that girls face, they usually disregard them totally, thinking they are spam are generic threads.

I've been researching for the past hour or so and came to this conclusions:
Unless NELNET, etc, requires an upfront payment for the loan transfer, this plan will work.
We can bring about the end of the public student loan system in the US.

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>>132227253

Is forming a firm that easy in USA?
Also, I don't think you can trick creditors that easily, they aren't brain-damaged.

>>132224479
The federal govt owns the loan.
It's one of the few assets on the books.
Enjoy your debt slavery.

>>132232255
It's extremely easy.

In terms of conventional banks and in terms of receiving a loan, it is indeed difficult to secure credit as as single owner of an LLC as they'll essentially be assessing the individual, especially there isn't revenue or any collateral associated with the business in question. Not that any of this matters for OP's plan.

Again, the aforementioned is for taking out a loan (i.e., the lender "loans" YOU money). OP's plan isn't about getting a loan but rather, "buying" them (i.e. the borrower "owes" you money), so .
Debt collection is a risky and often unprofitable business almost any company would be giddy if someone came to them wanting to buy the debt of some deadbeats they are unable to collect from.
They are not going to do this for free but likely will legally implicate the corporation as the owner of said debt and invoice them for the remaining out.
Simply declare chapter 7 after this and the business and all student loan debt that was "owned" by it disappears.

A beautiful loophole that nobody has exploited yet.

>>132224479
Debt collectors don't sell 1 account at a time. They sell hundreds and thousands ... and they have contracts with the agencies and companies they buy from. And student debt isn't sold for pennies -- a lot of unsecured consumer debt is though (e.g. credit card debt)

>>132233484
good luck trying to buy ONE account

>>132230353
Get a fucking career going and they can be wiped away in no time. Or become a teacher or non-profit employee and it's wiped away for free in 5 or 10 years (?)

>>132233484
Student loans are guaranteed by the federal government.
You don't discount paper fully backed by the tax payers.

>>132232957
>not knowing that federal loans can be bought by third-party collection agencies.

>>132233767
>implying that it's either large-volume or nothing.
It isn't. The sale of single accounts is common, especially whenever a student is consolidating federal debt with a private account. There is even a form for it.

https://www.nelnet.net/transfer_request_form.pdf

>And student debt isn't sold for pennies -- a lot of unsecured consumer debt is though (e.g. credit card debt)
It doesn't matter how much the student loan is sold for either. They will invoice that amount to the corporation after purchasing it. It doesn't matter if the new LLC or S-Corp does not pay. They can simply declare chapter 7 and the owners of it will escape all repayment obligations unscathed.

>>132234064
>>132233825
https://www.nelnet.net/transfer_request_form.pdf

Just move abroad - no country in the world extradites for debt. As long as you never come back and have no assets here, you're good

>>132224479

Umm...student loans dont work like that...it might work for your 2 year old credit card bill you haven't paid a dime on and is below the threshold where they can sue you/garnish wages and still make a profit however.

Im sorry to inform you that you have used shit tier logic to make an argument.

>>132224479
This what pol actually believes. This is some alex jones molymeme tier retardation.

>>132228192
Lol are you shorting financial institutions right now or something? Even if you are that would still be pretty sweet.

>>132234259
This goes back to fraud.

>>132224479
I am pretty sure you can not pick and choose individual loans, they would not give you the time of the day.

You gotta buy the loans as a lot, probably buy a few million millennial's loans. Then you would have to hire a team of telemarketers to threaten them if they don't pay.

In the end you end up being the cuck for buying other SJW's loans.

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>>132224479
You don't need a letter that's suspicious, they let the companies bid on them so you need to bid higher than their business model lets them.

>>132228192
>Request $20k worth of student loans
>Agree that this is a reasonable amount for your education
>Sign on the dotted lines
>two years later
>"I paid $4000 back so far for undergrad education and that's about all it is worth in my opinion."

Fuck you, if you can't afford it then don't buy it. THAT is what is causing this bullshit student loan crisis. It's plebs like you who try to back out of a loan and drop the remaining loss on the rest of the people paying into the program.

>>132224479
wewlad this is spicy

>>132233943
Tried that. The federal program that will give you forgiveness is a phone line that goes nowhere. It is a front. You will not get any loan debt discharged via being a teacher. The way the rules are written ia !over the goalpost logic, and nobody ever qualifies for it. Unless I got the run around because I am a white male.

>>132224479
It's an LLC, and that's not how it works.

>>132234480
They are working on that. Haig convention countries can extradite you for civil offences, so yeah they COULD come get you.

>>132224479
just find some deadbeat asshat, do everything in his name, give him debt from everyone you can find.

give him $10,000, tell him to get out of 'murica (LARPing as a business man)

GONE BABY, GOOOOOONE!

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So you set up your company and offer to buy your debt from the govemennt and if they agree you somehow pay only a fraction of your debt like 5000 instead of 100,000?!
Wat
I'd don't get it
Can a non brainlets explain?
>TFW brainlet

>>132224479
Idiot, ppl only sell debts which they are unlikely to recover, if not they would simply recover them rather than selling and making a loss. Student debts are easy to recover. If you try to buy viable debts youll be turned down.

>>132236721
Basically the original company has no confidence they can recover their $10 million debt so in order to at least get smth they sell it on to another debt agency for $1m. The 10m you owe is now payable to the new agency instead. If u do pay off your debts the new debt agency made a profit.
But of course ppl only sell debt if they are not confident of recovering it in the first place.

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>>132234664
>Let's just say for testimonial purposes, it's better that you don't know.

>>132234830
There is nothing to be gained from this venture though aside from relinquishment of personal loans and you implicate and list enough people as owners and take on enough debt, it would be very hard to establish that fraud was intended.

Who is to say fraud is the aim? Perhaps the owners of this venture thought they could make money and things didn't pan out as they had hoped.

>>132235237
>THAT is what is causing this bullshit student loan crisis. It

Wrong. The subsidization and willingness to grant loans on demand by a state actor is the reason it is so expensive.
This enabled people to go to college for the "experience" so they could study "what interests them". People who are completely oblivious to the cost of education. This means that the state is continually willing to pay for ever-increasing amounts and people simply are not responsive to changes in the cost of education. So by this very fact, you're more responsible for the increasing costs than I am.

>>132232255
yes. only takes a few minutes and not much money.

>>132236721
The cost of the debt the company buys it for is irrelevant.
Even if you buy the student loan debt for "10,000", so long as you are invoiced for it and are on paper the owner, it does not matter.

The student now owes the company the money, rather than the federal loan servicing agencies.

The end goal of all of this is Chapter 7 bankruptcy of said business which will liquidate the corporation in question and all incurred debt will be discharged.

The student is no longer obliged to pay back the debt to the company as it no longer exists.

>>132228192
'Bubble' implies it can pop. You literally can't escape the debt. We'll see the return of Victorian era debtor's prisons before we see that bubble pop.

Wait you can buy debt for less money than you owe on it?

>>132224479
damn that bitch has FAS

>>132234627
very low energy trolling, literally just dropping names
0/10

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>>132238145
>You literally can't escape the debt
I proposed a mechanism to do just that.
Alternatively, you could try one of these programs:

https://studentaid.ed.gov/repay-loans/forgiveness-cancellation

Or you could move to another country. They cannot enforce repayment of the loans and you will not be extradited back for owing outstanding money on a student loan. Not a single case exists and many people have done this.

And yes, the bubble will pop.

>>132238368
The amount the corporation buys it for does not matter.... read the thread.

>>132239167
I'm reading over it now and trying to figure out the feasibility. My long term plan was to get a house then eventually swap the debt with equity debt but this seems like it'd be much faster.

Every single one of my loans right now are with Navient/Sallie Mae who just got sued though so with any luck my shit might be forgiven as part of that.

I can literally prove all the fraudulent shit and already put in an application with the debt of education but so far nothing has come out of it.

>>132239705
Good luck, regardless.

>>132238092
no way you dont get caught, even if a family friend's friend did this for you

>>132224479
>LCC

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>>132224479
>Make youself an LCC and call it (Small Town) Debt consolidation Inc. Then write a letter to the company offering to purchase the debt for $2K dollars. They probably only paid a couple hundred for the debt (literally pennies on the dollar). Congratulations. You now own your own debt. Inform all the crediting agencies the debt has been paid in full for $5K.

Isn't all student loans now owned by the US Govt? Aren't they less forgiving of debt than the Sopranos, the IRS and your local drug dealer?

>>132227195
to defeat the jew one must become the jew

>>132239167
But why would anyone sell me my debt for less than the default value?

The bubble is in the price of college degrees.
Student debt isn't a bubble.

>>132244452
>all these things
>especially credit card debt
>not discretionary
That's right. My brand new Audi that I use to commute from my $1MM house to my private college classes needed a better sound system, so I put it on my card. Wew lads.

>>132243462
Large Chinese Cock? Is that what you dream of, leaf?

Can you actually specifically ask for the debt of a single individual and have them give it to you?

>>132234480
Unfortunately, there are many firms that specialize in international debt collection.

>just shuffle your debt through shell companies
>all in your own name
Don't do this.

>>132245002
Non-dischargability of student debt causes billions of dollars to be made available for student loans. College tuitions expand like a sponge to soak up all that money. If the student loan industry disappeared, tuition would drop way down.
In the 1960s you could pay college tuition with a summer job. This was before student loan debt money flooded the market and caused tuition to explode.

>>132238600
shes a mulatto iirc

Only stupid people go in debt to go through college. Get a scholarship or don't go.

>>132236721
This is how the debt collection industry works. Companies buy and sell each others debt all the time hoping to make a profit off of it. If you take on a 5,000 debt to company A, they can sell that debt to company B for $500 and company B will make money if they can milk more than $500 out of you.

Debt is literally a commodity that can be bought and sold. As soon as you get into debt, your creditor has something of "value"; a promise of repayment plus interest. This is what people mean when they say debt "creates money" for banks. Your "promise" to repay can literally be sold right now for real cash.

I don't understand why people hate student loans so much.
I took loans for three semesters, $3500 each.
With a total loan amount of $10500 hanging over me, I was motivated to get a job as soon as possible after school and I did find one even though it only paid $45k/year. I paid the loan off during first 6 months.
Getting the loan was a good deal.
I would spend more time in school part time of I didn't get it.

>>132243259
Please explain what it means to "get caught". Is this actually illegal?

>>132247244
>why do you hate student loans
>i only had to take out 10,500 in loans xDDDDD

You answered your own fucking question, if everyone only had to take out 10,000$ it wouldn't be such a problem.

>>132224970
>even beta blacks are more masculine than whitebois

Whoa...

>>132247244
They make it possible for too many people to get degrees than we actually need flooding the market with overqualified people, allowing corporations to pay less for actually difficult jobs, and causing the required qualifications for positions across the board to keep inflating.

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>>132224479
>tfw earned the equivalent of $7k from uni in the past 5 years i spent to get my master's degree, all because i had good marks

>>132224479
If you max out a credit card to pay student loans and then declare bankruptcy, what happens?

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>>132224479

Or you can just study in Europe, it's free in here.

>>132244759

Banks do that routinely, the idea is that 10k in the pocket is better than maybe 100k in the future.

So you sell it for less than the face value and avoid the hassle of collecting the payments-

>>132243462
>typos are a jewish meme

>>132247627
If he can do it then why can't you?
it's because people are idiots about their choice of study

>>132234259
>simply declare chapter 7
Except debtors get liquidation preference so they will be able to claim the loan back

>>132224479

lol they are not going to sell student debt for half price, they will want full value because it cant be avoided.

>>132234259

No one going to give you a business loan for your outrageously sketchy dept consolidation LLC.

>>132248112
So long as you have such a limit on your credit cards, it will work.
I would make one or two payments if feasible before declaring bankruptcy so it looks like you had good intentions.

>>132250684
You are not being given a "loan". You're buying debt, i.e. a risky future guarantee of a certain amount, which they will gladly be happy to unload, even to a sketchy consolidation company.

>>132250242
You could declare personal bankruptcy (which can discharge you from a private lender) prior to the Chapter 7 or write that the client agreed to settle for 1 cent on the dollar in the books prior to declaring Chapter 7. There are more ways than one to skin a cat.

>>132224479
Here's the problem: That paper your fake-and-now-bankrupt company bought? It's an asset. It doesn't disappear in a bankruptcy; it's sold by the trustee to help pay creditors.

Now, you want to buy your own paper out of bankruptcy? You could do that -- and then (only then) this might work.

>>132252828
See this reply:

>>132252828

>>132253318
>>132252828
fugg:

>>132252592

>>132224970
>>132247698
t. butthurt nignog

>>132252828
That was the original plan in the OP. "You now own your own debt. Inform the crediting agencies that it has been paid in full." The whole chapter 7 thing just invites the government to take a much closer look at your borderline-fraudulent arrangement. I wouldn't make such a dramatic change as minimal payments for years followed by a complete payment to term, I would make it look more realistic of course. But owning your own debt seems like the dream here, you could literally mail your LLC a check for $500 from your personal account, cash that into your LLC's business account, and legally subtract $500 from the amount you owe on the loan which looks better on your credit score. At your leisure you can take the money out of the LLC's account and put it back into your personal one as part of your CEO salary or something.

>>132255873
Unfortunately, you need to buy the debt-instrument from NelNet, they are not going to give it away for free and they will not sell it for pennies on the dollar (unless we're talking about serious bulk here).
Which makes Chapter 7 the only end-of-the-line option unless you have some money upfront to begin with.

This thread is to smart for my limited knowledge of banking, and I wish it wasn't like that. How do I start to get smarter in jewconomy?

>>132256718
Agreed, obtaining the debt from the servicer appears to be the most difficult part of this, even moreso than obtaining the capital to purchase it in the first place. Even if you could purchase it at a steep discount (70k instead of 100k or something), you would have to pay it up front in a sum, the opportunity cost of that cash being put to other investments is questionable if you even come out ahead at the end of all this.

The Chapter 7 plan was to put the LLC heavily into the red on business equity or something?

Are there any significant tax deductions for the business that holds the unpaid debt? If someone has the income where tax deductions become meaningful I suppose loans aren't a huge deal to them, but it's foolish not to take every opportunity we can.

>>132256718
Okay so say I just want to do this for my girlfriend who is going through medical school to become a doctor, it's as simple as forming an LLC, buying the debt, and than declaring that she decided to pay pennies on the dollar for it before declaring chapter 7 bankruptcy for the LLC, and this is all legal? I'm not going to go to jail for doing this?

>>132259565
don't forget the loan has to be Delinquent for them to classify it as a "risky loan" so that they'd sell it under value

>>132258898
Depending on how (un)technical they are with their language, so long as you make a payment on an invoice, and they accept the partial payment and expect the remaining balance sometime in the very near future, it constitutes acceptance of the offer. They would be calling you, writing you and badgering you to no end to get the remaining balance over the next few weeks but it wouldn't matter.
They would need to file for Replevin to reverse the transaction and this is not something that happens over night. Between the time they accept the partial payment on the invoice and the time they file for Replevin, it's too late. This is more than enough time for the clients to declare personal bankruptcy or (note, I do not advocate anything illegal) "mark them off" and send them (*cough*, yourself) official notification thanking them for making the 0.01/dollar payments. Once you go to court, you could explain that you were trying to raise capital to pay off the remaining invoice.

>>132259565
Yes, it would be illegal if this was your explicit end game.

However, it is entirely possible that someone would have no such motives and are a legitimate entrepreneur who might be trying to start a debt consolidation company and things simply do not pan out well for him and his partners.

Disclaimer: These are all theoretical what-if scenarios not meant to be emulated. These are strictly for educational purposes to understand debt-instruments and how torts and bankruptcy proceedings would apply to them. Fraud is illegal.

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>>132224479

I love it. I'd try to do it just out of principle.