A lawyer will take care of everything so the judge can make all of your financial decisions for you. Your paycheck is sent to the court, and the court trustee will send you a small allowance for food and possibly enough additional to purchase some nice toilet paper, with the remainder going to your creditors. Life is once again ideal! Only a """"bankrupt"""" tattoo across your cranium could make your life better.
Not exactly what the majority of individuals would wish for as the new definition of the American ideal, is it? Imagine for a moment that in the late 1950s and 1960s, banks and new credit card companies so enraged Congress with their shenanigans that Congress decided to ban credit cards. Legislators decided to give them a chance, despite the fact that the event was almost imminent. They passed a law so that you were not required to pay unsecured debts if you did not wish to!
If you want to avoid getting a tattoo on your forehead, you should investigate the origins of this peculiar law. Use the search query """"Frontline - the Chicago debacle"""" to learn how the banks outraged Congress by giving money to complete strangers!
It is created out of thin air, and if the so-called debt becomes uncollectible, the account dissolves back into thin air from where it came, and nine times the amount of the account is deducted from the bank's assets. It angers them, but the bank incurs no losses in any circumstance.
This conflict between the government and banks has existed for centuries. Use the search term """"the gig is up - money, the Federal Reserve, and you"""" to view a video chronicle about how the banks are winning. In 2008, this Google video was presented at the University of Colorado School of Law and it contains life-altering information.
The bank does not care about the money because it suffers no loss and has no authority to seize it other than through litigation. Currently, the average cost of a lawsuit is approximately $94,000, which typically exceeds the amount allegedly obligated. Instead, they sell the account information to collectors who will attempt to do the dirty work. If you obey the law to the letter, you can easily avoid bankruptcy and even make significant money.
These incensed congressmen drafted the Fair Debt Collection Practices Act in 1966, making it virtually impossible for collectors to carry out the bank's strategy and dooming the bank's legal efforts to fail, as neither can ever provide proof of debt. When no money is lost, the bank is unable to establish damages. A letter requiring either party to demonstrate damages will terminate their claim.
Collectors are merely telemarketers, and this is where the Debt Collection Act takes a serious turn. Use the search term ""FTC debt video"" to view your phone-based rights. Each violation is worth a minimum of $1000, and if a collector slanders you in any manner, it could be worth a great deal of money. Use the search term """"man wins $1.5 million from collector"""" to learn how one man took his answering machine to court. Other amounts exceeding $8 million have been awarded.
In a perfect bankruptcy, you can anticipate to lose everything, with no possibility of recouping any funds from the creditors causing your problems. The 2005 bankruptcy act was purchased and paid for by the banking industry, whereas the 1966 law was written by enraged members of Congress. In either case, the legal system is used to eliminate debt, so you be the arbiter and perhaps avoid that forehead tattoo!""
" - https://www.affordablecebu.com/