You should never consider bankruptcy for business or personal credit card debt because there are legal alternatives that will eliminate your debt without the complications brought on by either chapter 7 or 13 bankruptcy.
If this is true then why doesn't everybody use an uncomplicated, simple and easy method to make the business or personal card debt disappear forever? Truthfully, nobody knows about it. Only a handful of people have been fortunate enough to stumble across this obscure law by accident when they were unable to afford a bankruptcy attorney and desperately looking for ways to get creditors of their back.
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Everybody has heard of the Fair Debt Collection Practices Act but very few realize the real power the old 1966 federal law bestows upon people. In an effort to let everyone know about this debt busting way out of credit card debt a cartoon version that a fifth grader can easily understand can be seen by searching the term "FTC debt video" on your favorite search engine.
You'll learn how to handle collections phone calls and what you must do to answer a collection notice. Evidently people are too lazy to write a letter or it seems too good to be true and nobody believes it. You should record phone calls from collectors and when they violate your rights they will either be forced to pay a fine or report your debt paid as agreed to avoid a lawsuit.
Don't believe it? Just search "Jury awards Dallas man $1.5 million after debt collectors left racist messages" for some real-life proof. Now this man wasn't thinking of filing bankruptcy because he only owed a few hundred dollars but just recording collection calls was very rewarding. Just give a collector time, add a little "agitation" and he will violate your rights.
So you've got 15 or 20 credit cards for business or personal use and you don't believe it's possible to avoid bankruptcy using this antique federal law to actually eliminate card debt? It works because a collector using digital information cannot prove a debt is owed under the old law. When you demand proof or verification of a debt, collectors have to jump through so many hoops to meet legal requirements under the old law, it's just impossible.
It doesn't matter if its business or personal debt because proof is the same under law. If you eliminate the debt legally there is no need for bankruptcy protection. One other strange phenomenon happens when you use this method. When collectors see that you are knowledgeable of the collections system they will offer you a 50% settlement because they know they're holding a losing hand.
Always refuse this offer. After a brief time goes by the collector will offer lower amounts of 30 to 20% of the amount owed. Make a counteroffer of 10% divided into three monthly payments but only if the account is marked "paid in full" if you wish or pay nothing because you have the law on your side.
One last thing to remember is if you totally screw up and can't write a demand for verification letter and fail miserably, which would be really hard to do, you can still declare bankruptcy for your business or personal credit card debt just as you were planning to do in the first place and live in misery with your new bankruptcy tattoo for the next seven years. Live life and have fun!
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