| Home | Free Articles for Your Site | Submit an Article | Advertise | Link to Us | Search | Contact Us |
This site is an archive of old articles

vertical line

After Bankruptcy Reform, Consumers Are Now Learning How To Discharge Debt

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.

The process that is used to discharge debt is based off of U.S. Supreme Courts decisions, Title 15 United State Code (USC) section 1692, the Fair Debt Collections Practices Act, section 1601, the Fair Credit Billing Act, the Uniform Commercial Code (UCC), section 203, and numerous Banking and Lending laws.

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.

Submitted by:

Jim Vrana

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.


Auto and Trucks
Business and Finance
Computers and Internet
Food and Drink
Gadgets and Gizmos
Home Improvement
Kids and Teens
Music and Movies
Online Business
Pets and Animals
Politics and Government
Recreation and Sports
Religion and Faith
Self Improvement
Site Promotion
Travel and Leisure
Web Development

Copyright © 1995-2016 Photius Coutsoukis (All Rights Reserved).