After Bankruptcy Reform, Consumers Are Now Learning How To Discharge Debt
Posted: Wednesday, January 25, 2006
by Jim Vrana
True Debt Advisor
Thanks to the new bankruptcy reform laws, many Americans who are overburdened by their credit card debt will no longer qualify for Chapter 7 bankruptcy protection. However, consumers need to know that an alternative exists for people to walk away from 100% of that debt, without bankruptcy, consolidation, or refinancing. The program is applicable to all major credit cards, unsecured lines-of-credit, and signature loans.
There are many cases that have already been decided on when it comes to the issues of money, credit, and banking. The collection of interest on credit issued by a bank or a credit card company is in direct violation of all usury laws. In addition, the United States Supreme Court has ruled time and again against the legal authority for banking institutions to lend credit. Both Federal and state laws allow banks to lend money, but banks do not have the authority to loan credit.
Even with the reform, some bankruptcy protection is still in place. However, consumers must obtain credit counseling from an approved agency within six months prior to filing for bankruptcy. Also, the consumer may still be required to repay most of their debt. In addition, being enrolled in credit counseling will show up as a negative on a consumer’s credit report, as damaging to credit as a bankruptcy.
A large percentage of people with debt trouble were not irresponsible with their credit cards, but have had some type of crisis in their lives. This program is giving people a fresh start on their financial lives. A ‘do-over’ you might call it. Without the credit-sting or shame of bankruptcy. Let’s face it, for people who are carrying $20K, $40K, $80K, or more of credit card debt, unless they win the lottery, they are never going to pay it off.
The time-tested legal procedures used to eliminate credit card debt have been used by thousands of people with tremendous success. It is truly the alternative to bankruptcy, credit counseling, and debt consolidation. For more information, visit http://www.TrueDebtAdvisor.com.
Billed as The True Debt Advisor (http://www.TrueDebtAdvisor.com), Jim Vrana’s mission is to educate and empower people to overcome their financial challenges.
I'm glad to know there's an alternative to bankruptcy. I would have liked the article to say something about what's involved. Instead I have to go to a Web site and sign up for the information about what appears to be a service. Thanks, I'll pass.excellent comment like toknow more info upfront before sugning up
