Bankruptcy is an outdated method of protection that is of no use to anyone anymore, so fight back
In 2005, the Bankruptcy Protection Act was amended to make it totally useless for businesses and individuals in extreme financial difficulty. Bank lobbyists claimed that people abused the system, so abuse prevention laws went into effect. The abuse was by the banking system, but it made it appear that individuals and companies were the abusers.
It’s time to fight America! Let’s take a look at this fraudulent scheme and see where the real abuse comes from and how you can beat the banks and credit card companies using their own laws against you.
To understand the bankers’ scheme will require a brief history lesson and it doesn’t get any better than a seminar presented at the University of Colorado School of Law in December 2008. Use the search term “the gig is up – money the Federal Reserve and you ” to view this 90 min. video that will change your life forever.
Truly amazing, right? You knew many parts of the story, but now you’ve seen the whole picture and are probably very upset. Well! Sometimes a little mental turmoil is a good thing, so maybe now you forget to hand everything you own on a silver platter to the big banks.
After watching the concert, you know that their system is set up to abuse you and our government, but now you know their system, and when you think about it, you can abuse them quite easily. They deserve it, they have brought you to the brink of financial bankruptcy and a spin is fair game, so let’s see how easy it is to beat the banker using the rule of law.
In 1966, the Federal Trade Commission wrote laws about fairness in debt collection called the Fair Debt Collection Practices Act. You can view a short cartoon presentation using the search term “FTC Debt Video” on the government website.
You know from watching the concert that the bank did not lend you any money or credit to fund your account. Play money was deposited into your account paid in full with your signature, which was the asset used to create the account by the bank. Not a single penny of the bank’s assets was withdrawn, so they will never be able to prove a loss or damage from your transaction.
It is very easy to require proof of debt when collectors send written notices. They usually go away and sell your account information to another collector and the process will start all over again. You can easily go through four or five cycles of collection attempts and they all work when you demand proof that doesn’t exist.
The man low on the totem pole will realize that he has been cheated by his fellow collectors and will simply give up on you. It’s a perfect time to call that last collector and offer him 5% of what you supposedly owe in exchange for marking your account paid as agreed or paying him nothing and letting him fall victim to his own scheme.
An even easier way is to nip it in the bud when collectors make their initial phone contact. It will require you to record your calls on a voice recorder. Never give collectors any information other than your name, but never admit you owe someone.
Tell them you’re going to record the call because your company just landed a lucrative contract or because your rich uncle died depending on your circumstances. The collector, thinking that he is going to get money, will enthusiastically provide you with his name, company name, address and phone numbers.
Then you can get serious and say that I was just lying about the money and you are lying about the debt. This should get the abuse started to the tune of $1000 per violation and if you’re lucky you might even get called by a name, which is a good thing. Use search terms like “man wins $1.5 million from collector” or “woman sues collector and wins $8.5 million” to see how easy it is.
You now know that bank lobbyists have made bankruptcy an obsolete method of protecting businesses and consumers. Being totally useless, he forces the use of the law to settle the debts that was always better. Eliminating creditors by forcing them to show legal evidence that doesn’t exist is the ultimate tool to eliminate debt and the need to file for bankruptcy in the first place.