Business Credit Card Debt – Bankruptcy Should Never Be Considered When You Encounter Problems

You may have accumulated a lot of business credit card debt to keep your business going along with some personal card debt but don't let a few minor problems make you start thinking about bankruptcy when a small business bailout is all you need to succeed.

Everybody knows about big business bailouts where those too large to fail were given billions in taxpayer money but very few are aware of bankruptcy alternatives for those too small to fail businesses that form the real backbone of the American economic system.

This bailout is paid for by the banking industry and not the taxpayers! Therefore feel free to use the concept which is guaranteed by Federal law to have not only your business debt but also your personal card debt zeroed out to nonexistence.

You'll need to understand some background information on how this law works and it can seem somewhat scary if you're not experienced in these matters but after only a few minutes of studying this failsafe debt elimination method will make perfect sense to you.

Back in 1966 lawmakers at the Federal Trade Commission were busily writing laws about what constituted fairness in collecting a debt but with the Vietnam War raging the Fair Debt Collection Practices Act never made the national news. The law remained in obscurity for over 40 years.

Quite by accident people and businesses would stumble across the FTC law but usually it was after-the-fact when collectors had already obtained a default judgment and little could be done. Just search the term "FTC debt video" and after watching it a couple of times you will begin to see the power given to you.

The reason most people "don't get it" as a form of debt elimination is because they fail to realize that modern banking systems are operating digitally and do not meet the compliance standards required under the old law which was written nearly 30 years before the digital age was born.

When you plan ahead and get mentally prepared for the onslaught of collection agencies that will be calling as your business or personal finances begin to slide, it becomes an easy matter to demand verification of debt which the collection agencies are unable to prove legally under the old law.

Your business credit card debt or personal debt, whichever the case, will cease to exist and bankruptcy will be an unnecessary consideration. If you are worried about a credit score, it's even easier to fix because not one single credit reporting agency is operating legally under federal law. You worry too much! Live life and have fun!

Source by Phillip Emerson

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