View Poll Results: How would you react...

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  • Hope for the best... miracles...

    4 19.05%
  • Challenge the system!

    14 66.67%
  • Forget it... i am just plain unlucky...

    3 14.29%
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Thread: What if there is a loophole in the Law...

  1. #21
    Senior Member
    Join Date
    Jan 2004
    Location
    Melbourne
    Posts
    494

    Default

    In the beginning, laws was passed by powerful (rich) men.

    So, you think the laws was meant for the poor ?

    --------------------------------------------------------------------------

    Life ain't meant to be fair...........

    However,

    Our forefathers came ashore with nothing. Worked in estates, or as coolies and servants, 30 or 40 years later...owned shophouses, rubber estates and tin mines.

    Patience, perserverance, persistence (good habits) are important lor.
    Can you forgo the pleasure of no pubbing, clubbing and simple living for the next 10 years, in exchange for studying hard or save up for business capital?
    Then another 10 years of trying to survive in the business and hopefully building enough networking and experience to move further up?

    There is no free lunch in life

  2. #22
    Senior Member
    Join Date
    Sep 2004
    Location
    Cons digger.
    Posts
    3,924

    Default

    contracts are drafted in plain english these days.. no more with old english.

    If the contract is drafted in old english, you can herewith, notwithstanding throw that piece of hereby (what by?) contract away.
    “How fortunate for leaders that men do not think.” - Adolf Hitler

  3. #23

    Default

    Before bank take action, cash advance, borrow more, morgage condo, buy car take these $ to roll more, until cannot liao transfer everything to yr wife, parent. Then bankrupt? maybe a few millions? Then continue to live in yr wife condo, sit yr wife car? Spend money from her...

    Heh, I boring type nonsense.

  4. #24
    Member
    Join Date
    Jan 2005
    Location
    1 Dalvey Road
    Posts
    474

    Default

    Quote Originally Posted by Nisa
    Ask your fren to look for another bank to refinance the loan.
    Try ABN or Standard Chartered Bank. These two banks are better at approval of such loan.
    assuming u find alernative,

    house bought @ lets say= 100

    loan= 80

    outstanding assuming= 75

    new loan max base on new valuation
    and lets say a drop of 25% = 60

    that pooor soul still need to fork out
    in cash= 15

    convert this to real term of a 3rm
    private apartment 3-6 yrs back
    that guy would need min. of 100k in cash.



    OT- Niaa, don't mind if i ask ur age, can PM.
    like to know at which level to deal with ur post.

  5. #25
    Member
    Join Date
    Jan 2005
    Location
    1 Dalvey Road
    Posts
    474

    Default

    Quote Originally Posted by whoelse
    Before bank take action, cash advance, borrow more, morgage condo, buy car take these $ to roll more, until cannot liao transfer everything to yr wife, parent. Then bankrupt? maybe a few millions? Then continue to live in yr wife condo, sit yr wife car? Spend money from her...

    Heh, I boring type nonsense.
    haha! doesn't work that way.

    even if it does,
    u will be transfering lots of debts to ur wife.

  6. #26

    Lightbulb

    our bankruptcy laws has relevant provisions for such loopholes.

    Quote Originally Posted by whoelse
    Before bank take action, cash advance, borrow more, morgage condo, buy car take these $ to roll more, until cannot liao transfer everything to yr wife, parent. Then bankrupt? maybe a few millions? Then continue to live in yr wife condo, sit yr wife car? Spend money from her...

    Heh, I boring type nonsense.

  7. #27

    Default

    Debt is personal mah, dun transfer debts lah, transfer assets :B
    But then bankrupt liao mah, bo luie leh. Ofcos lah, i say i type nonsense lah. Dun think so simple.

  8. #28
    vince123123
    Guests

    Default

    reachme2003 is correct, the laws will void these type of transfers of assets.

    Quote Originally Posted by whoelse
    Debt is personal mah, dun transfer debts lah, transfer assets :B
    But then bankrupt liao mah, bo luie leh. Ofcos lah, i say i type nonsense lah. Dun think so simple.

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