When you have credit card debt of any amount you think about going down the bankrupt road but you keep hoping to find a bankruptcy alternative miraculously giving you instant debt relief that's even better than a free government bailout. There are at least two ways to legally annihilate your unsecured debt without bankruptcy but unfortunately there's only time to tell you about one untraveled path that works every time.
A very few people ever find this obscure federal law and nearly always totally by accident. They use it only after they've been run over by the debt train, get back on the track to be run over again and perhaps a third time before it finally dawns on them not stand on the railroad track! In other words those who go bankrupt never find it, while others seeking alternatives might find it and those who've been run over by the debt train repeatedly usually find it. It will be used against you and you will never know.
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All this will begin to make sense shortly. Use the search term "FTC debt video" and watch this government cartoon show about the 1966 law explaining your rights when debt collectors come after you and do not forget this very important part when you watch; eliminating the debt collector will eliminate your debt. If he can't get your money then you owe no one.
Only a handful of attorneys understand this very simple law but when "you" understand it you can easily do it yourself. You saw on the video how to stop collection phone calls and what constitutes "violations" of your rights over the phone by collectors but did you really understand it?
Here are two examples of people that did not understand the law until they were run over by the debt train a few times but when they finally understood, it made them rich. Use the search terms "man wins 1.5 million in debt collection lawsuit" or "woman wins 8 million in debt collection lawsuit" to read their stories or watch the news videos.
To make this old law work for you instead of against you, keep a digital recorder handy when collectors call. There are literally thousands of small settlements made by collection companies when you record their violations and offer them the option of marking your account "paid as agreed" in exchange for your not filing a lawsuit were their minimum fines are $1000 for each violation. Is the power of this law beginning to become a little clearer now?
Now let's get to the second way of removing your card debt using this federal law. You absolutely must, positively and without exception answer those written collection notices with a demand for "proof of debt" returned to them by registered mail with return receipt within the 30 day time limit required by the law. If you fail to do so, you lose by default. It seems a shame not to take this simple step and have a collector owning your financial life.
Collectors in the digital age can never show legal proof you owe them a penny but if you don't write that demand letter you are doomed. You now know one answer to the question of bankruptcy alternative or go bankrupt over a little thing like card debt. Just in case you want to investigate the other alternative a link has been provided below. Live life and have fun!
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