You're now ready to enjoy the perfect bankruptcy lifestyle because you've had all you can handle of the banks and debt collectors ringing your phone constantly. No more phone calls and you won't be afraid to go to the mailbox for fear of another collection notice jumping out to bite you.
An attorney is going to fix everything for you so the judge can make all your decisions about money for you. Your paycheck goes to the court and the court trustee will send you a small allowance for food and maybe enough extra for some nice toilet paper with the remainder going to creditors. Life is just perfect again! The only thing that could make life better would be that "bankrupt" tattoo across your forehead!
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Not exactly what most people would want for the new definition of the American dream is it? Suppose for just a moment that back in the late 1950s and 60s banks and the new credit card companies got Congress so upset with their shenanigans Congress decided to outlaw credit cards. Well it almost happened but lawmakers decided to give them a chance. They made a law so if you didn't want to pay unsecured debts you didn't have to!
If you want to save putting that tattoo on your forehead maybe you should check out how this strange law came into being. Use the search term "Frontline - the Chicago debacle" to see how the banks upset Congress big time by throwing money at total strangers!
Banks don't loan money or extend credit for unsecured loans, it is created out of thin air and if the so-called debt becomes uncollectible the account vanishes back into thin air where it came from plus an amount nine times the amount of the account is removed from the banks assets. It gets them upset but either way the bank doesn't lose any money whatsoever.
This war between government and banks has been going on for centuries. If you wish to watch a video chronicle then use the search term "the gig is up - money, the Federal Reserve and you" to see how the banks are winning. This Google video was presented at the University Of Colorado School Of Law in 2008 and it has dramatic life changing information.
The bank does not care about the money because they lose nothing and they have no power to take your money except through lawsuits. The cost of a lawsuit today is around $94,000 which usually exceeds the amount supposedly owed. Instead they sell the account information to collectors that will try to do the dirty work and this is where bankruptcy is easily avoidable and could even bring in some serious money if you follow the letter of the law.
Those angry congressional members wrote the Fair Debt Collection Practices Act back in 1966 making it virtually impossible for collectors to carry on the banks scheme and dooming the banks legal efforts to failure in undertaking a lawsuit because neither can ever show proof of debt. When no money is lost, the bank cannot prove damages. A letter demanding either to show damages will put an end to their claim.
Collectors are nothing more than telemarketers and here's where the Debt Collection Act gets really serious. Use the search term "FTC debt video" to see your rights over the phone. Record those calls because each violation is worth $1000 minimum and should a collector slander you in any way it could be worth a lot of money. Read how one man took his answering machine to court using the search term "man wins 1.5 million from collector" and other amounts exceeding $8 million have been awarded.
In a perfect bankruptcy you can expect to have everything taken from you with no chance whatsoever of actually making money from those creditors causing your problems. The new bankruptcy act of 2005 was bought and paid for by the banking industry while the 1966 law was written by angry congressional members. Either way you use the legal process to dissolve debt so you be the judge and maybe save that tattoo on your forehead!
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