Re: Does Credit Card Debt Elimination Work?
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Posted by Walt
(68.106.21.79) on November 26, 2003 at 10:28:28:
In Reply to: Re: Does Credit Card Debt Elimination Work? posted by Survivor Joe on November 26, 2003 at 09:47:49:
There is no way to discharge your debt by claiming that banks are illegally creating money with these schemes. They simply counsel that you declare your loans null and void and don’t pay them. You will be looked upon by the banks as anyone else who defaults. If you have assets and a job, you’ll probably be sued. No court will agree that the loans are illegal. Many of these people are on the fringes and aren’t sued, or successfully fight off the suits by being stubborn and recalcitrant, or wind up with judgments that they refuse to pay. The banks will give up if there isn’t anything worth attaching, since it is obvious the people aren’t going to pay voluntarily. If you have a home, you will be foreclosed on and be forcefully evicted by the sheriff if you decide your mortgage is no longer collectable. Just think for a moment, if everyone “discovered” that bank loans were “illegal” one day. The entire country’s economy would collapse and we would become a third world nation. That hasn’t happened yet, so don’t hold your breath waiting for the courts to decide that bank loans are illegal. The only thing different about these schemes and the ones where people decide that income taxes are illegal is that you won’t end up in jail if you believe in these ones, because unlike income tax evasion, defaulting on loans is not a criminal offense (unless you get in trouble with the sheriffs while they are evicting you from the bank’s house)
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