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. 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.

About the author:

After enduring a failing software development company, Jim Vrana found himself deep in debt, and looking for a better way out. Now touted as The True Debt Advisor (http://www.TrueDebtAdvisor.com), Jim Vrana's mission is to educate and empower people to overcome their financial challenges.

Jim Vrana

keywords bankruptcy

If you are an affiliate looking for a niche market, here's an important piece of information to make note of: In 2005 there were over 2 million personal bankruptcy filings in the United States. Many of these individuals will be looking to rebuild their credit and financial future. This spells opportunity for you as an affiliate. You see, here are just a few products and services that an individual with past bankruptcy will need in order to rebuild their credit and financial future: 1) Credit repair 2) Loans 3) Credit cards Let's take a look at each one in more detail, and how you can help as an affiliate: 1) Credit
Click here to read more from this article ...

Many people who have filed bankruptcy in the past apply for credit the wrong way. They fill out a credit application and hope for the best. Best case, they probably end up paying a lot more in interest and finance charges - hundreds or even thousands of dollars more, depending on what they're buying. That said, in this article we are going to talk about the RIGHT way to apply for credit and loans. So what is it? Well there are three steps: 1) Learn how to increase your credit score 2) Know the credit approval process 3) Know how to apply for credit and
Click here to read more from this article ...