When You Can’t Win the Game, Change the Rules

The game of consumer finance is full rules. First, there are contracts between individuals and institutions that permeate our lives. Credit card companies, banks, mortgage lenders, finance companies, payday loan companies, and auto lenders all require a consumer contract. Second, there are state and federal rules (laws) that affect you when you are unable to pay per the contract terms. You can be called into court and the law requires you to defend your actions – being broke is not an excuse for not paying a consumer debt. Finally, if you lose the court action, other rules allow a creditor to garnish your wages, seize your bank account, and/or take your property to pay a debt.

Make no mistake: the rules of consumer finance are written to protect the lender’s interest, not yours. What can you do when you find yourself broke, in breach of consumer loan contracts, and facing repossession, foreclosure, garnishment, or asset seizure?

Change the game.

Quit defending yourself and your property using their rules. Instead go on the offensive using the federal bankruptcy laws. The Bankruptcy Code is written to protect consumer debtors and provide an opportunity to play by a new set of rules. Through bankruptcy the debtor gains the upper hand:

  • The bankruptcy automatic stay stops collection actions cold. A creditor may not continue a repossession, foreclosure, lawsuit, garnishment, or even harassing phone calls without the permission of a federal bankruptcy court judge.
  • The bankruptcy laws can discharge unsecured loans (e.g. a personal not secured by collateral).
  • In certain situations, a bankruptcy debtor can keep secured property (e.g. a car) and “re-write” the terms the loan and force a creditor to accept lower payments over a longer period of time, reduce interest, or reduce the amount owed.

Literally, bankruptcy is a “game-changer” that takes the legal power out of the hands of the creditor and puts you in control. Changing the rules in your favor by using the federal bankruptcy laws can help you win the game. Debts that are discharged and contracts that are altered during bankruptcy stay that way forever. Take control over your creditors and your debt situation today using the federal bankruptcy laws.

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