Suppose you have $100,000 or more in credit card debt, a $300,000 residence, and are two months delinquent on all payments, including your mortgage. Can you afford your mortgage, or have you lost your employment and are unable to pay your debts? Stop paying the credit card immediately because it is unsecured and, as you will soon see, this is never a problem.
Due to the fact that everyone's circumstances are different, you must decide whether you can or cannot retain your home. If there is no way to avoid foreclosure, give the property back to the bank, and the loan will become unsecured debt. You can also stop worrying about your credit score because it is also simple to improve, as you will see momentarily.
The Fair Debt Collection Practices Act of 1966, which was not written by the banking industry, makes it easy to deal with anything that converts secured debt into unsecured debt. If you don't believe it, search for ""banks feasting on bankrupt customers"" and you'll find 250,000 articles that explain it.
It is indeed a disgrace that the banking industry can literally buy our elected government officials and even have us taxpayers hand them billions in bailout money with millions passed around to top executives as rewards for their blunders that led to the current recession and are likely the reason you are contemplating filing for bankruptcy!
Here is how you can avoid bankruptcy. Use the search term """"FTC debt video"""" and watch the cartoon to learn precisely how to manage phone calls and letters from debt collectors. Observe the cartoon again if you did not grasp how potent this federal law is. On unsecured debt, neither banks nor debt collectors can prove you owe them money.
Some people are using the law to make very large quantities of money when their rights are violated over the phone or in written collection notices, as evidenced by the search results for """"Man wins $1.5 million lawsuit against debt collectors.""
Your credit score is no longer an issue, so you can stop worrying about that last little detail. Each and every credit reporting agency is completely in violation of federal law! Oh, you lack fortitude! Simply use the search term ""Fair Credit Reporting Act Section 609"" to begin reading about this topic.
You no longer need to be concerned about bankruptcy, your credit report, or some incompetent credit card debt collector attempting to make your life wretched. You can turn the tables on bankruptcy, debt collectors, and credit reporting agencies whenever you choose, and you've scarcely scratched the surface of your options! Enjoy your existence and have fun!""
" - https://www.affordablecebu.com/
