The biggest news for those considering bankruptcy protection for credit card debt has been discovered by a handful of people researching their options when they could no longer pay their card debt due to today’s economic conditions. of depression. What they discovered was truly amazing.
Lobbyists hired by card companies and banks complained to Congress for many years that credit card “bums” were depleting their card accounts and then using bankruptcy laws to get away from debt that it was costing the banks a great deal of money. The new bankruptcy laws were basically written by and for large banking institutions.
People with virtually any income are forced to keep paying card bills under Chapter 13, and unless you are totally helpless, Chapter 7 is no longer available. Again, scheming bankers hit people just as they had been doing for years, but this victory against so-called dead hits will cost them in the long run because it is forcing people to seek other alternatives.
It wasn’t long before these desperate folks uncovered some pretty amazing facts that turn the tables on banks and allow them to get out of their card debt without going through the humiliation of bankruptcy. The following is a condensed form of what they found.
Searching for the term “where the money is coming from” reveals that bankers take money out of nowhere, have the United States government print the money, and then lend the new non-existent money to the government and the people for a huge profit on money. they never had. A 30% interest rate on card debt is becoming the norm, which is a good profit in a great scam scheme.
Further research revealed a law written in 1966 when there were practically no credit cards, and it turned out to be just one of many surefire ways to beat bankers and debt collectors at their own game. In fact, you can see the governments updated website that reveals a cartoon show describing the old law. Just search for the term “FTC debt video,” then watch and listen carefully.
By law, banks must close a card account when no payments have been made for six months. The account information is then sold to a debt collector for pennies on the dollar. The government cartoon show reveals how to handle phone calls from debt collectors and some people are even making big money when their rights are violated. Look up the term “man awarded $ 1.5 million in debt collector lawsuit” to see how easy it is.
Collection cards are easily removed simply by following the cartoon program’s instructions. Debt collectors seem to have no way of proving that they are owed money. Banks have the exact same problem because they cannot show losses on their books.
This truly amazing research means that bankruptcy protection for credit card debt is absolutely and totally unnecessary. The new bankruptcy law made people dig deeper and find better answers to their debt problems. You could say that the banking industry was given enough rope to hang itself.