Debt Discharge
DEFINITION of ‘Debt Discharge’
The cancellation or forgiveness of a debt. Debt discharge results in taxable income to the debtor unless the forgiveness is a gift or bequest.
BREAKING DOWN ‘Debt Discharge’
When a debt is discharged by an institution, the debtor will usually receive a Form 1099-C that shows the amount of debt forgiven. The debtor must then report this as miscellaneous income on the 1040.
You Can Discharge Almost Any Debt with Proper Use of the UCC
http://freedom-school.com/person/you-can-discharge-almost-any-debt-with-proper-use-of-the-ucc.html
Here is a video that will explain more on DISCHARGE DEBT & the Promissory Note – Part 3 of 5 (UCC-1 Financing Statement) :
Part 1
Part 2
Part 3
Part 4
Part 5
Discharging Debt References
Main_Republic_Alert (Laws Regarding Discharging Debt)
https://iuvdeposit.wordpress.com/12usc41195a2/(Laws Regarding Discharging Debt)
In the Redemption program, you can discharge debts of many sorts and become the Sovereign you are meant to be, which is the ruler of your world rather than be the slave of another’s world. I.E. The Government. A Sovereign is free to do as one pleases without causing harm to another living man or woman. The legal system has no more jurisdiction or control over you. To explain this better click HERE
The process is really quite simple
1st: you have to fill out and file several documents such as a UCC1 and the attaching addendum with the secretary of state.
2nd : fill out and file a security agreement between the living man or woman and the fictional character,
3rd: a POA Power Of Attorney needs to be filed with the county recorder along with a Copyright on the fictional name that sounds like your name but is spelled in all capital letters like JOHN DOE. After these are done and you have your UCC1 back from the secretary of state.
4th: you need to open your contract trust with the United States Treasury, which requires your UCC1 filing number.
5th: Then you file the forms provided with the secretary of the United States treasury to complete the process of setting up your contract trust account.
At this point, you are done and can then discharge debts and judgments with your bonds that you can print on your computer at the cost of the paper and ink it takes to print them.
This process is carefully checked by your personal coach whom you will email your filled out papers to before you mail them out to the appropriate offices as needed. This checking ensures that you get it right the first time and eliminates costly errors and time.
You may be asking how can I make a bond for so little money. The answer is that you are not really doing it that way, instead you are taking advantage of the fact that the INCORPORATED UNITED STATES is bankrupt and under the terms of that bankruptcy the UNITED STATES is required to pay all your debts because there really is no lawful money after 1933 when president Roosevelt took away the gold standard.
What you are doing with the bonding of debts process is sending an I.O.U. to the finance company or court etc.. This is a complex process in law but to this simply, this tells them that the UNITED STATES must by law of the bankruptcy pay your debts, when they redeem those bonds it reduces the national deficit by the amount of the bond. Paying a debt with debt instruments (I.E. Federal Reserve Notes) is like running a car on gas, which pollutes the air, but a bond is like running the same car on hydrogen, which actually cleans the dirty air it draws into the motor. You are killing two birds with one stone with a bond, first you are eliminating your debts and second you are reducing the national deficit.
This program works best with unsecured debt like credit cards. Depending on the bank, it may produce a negative mark on your credit reports that will need to be removed by one of the credit repair programs available on the Internet. One such program is available on this site HERE
Bonds have been used to discharge debts for many reasons and in many situations, among them, it is personally known that bonds have been used to discharge the following debts:
RV loan ( A Secured Loan)
Traffic Tickets
Past Due Mortgage Payment
Credit Card Debt
Court Judgment on a Law Suit
And many more by others using this program
How to Discharge Debt, and Is It Worth It?
If you want to know how to discharge debt, understand that the most common way people do this is by filing for bankruptcy.
Once you discharge your debts this way, it’s permanent. That means creditors can’t legally try to collect from you anymore. No more threatening letters or calls. No contact. No nothing.
(However, if your creditor gets a lien against your property and it hasn’t been vacated by the bankruptcy proceedings, the lien is still enforceable. That means the creditor can foreclose on your property.)
But don’t break out the champagne just yet.
If you file for chapter 7 bankruptcy, the court will allow your creditors time to file a complaint objecting to the discharge. If the creditor doesn’t file a complaint, the discharge takes effect within four months after you first filed your petition.
In chapter 11 the court discharges your debt after you make the payments you agreed to in the debt payment plan. Since chapter 11 sometimes allows for payments to extend four or five years, the discharge may take some time to take effect.
Once the discharge takes effect, the court clerk mails a copy of the discharge order to all creditors and your attorney. The creditors are told to leave you alone or face contempt of court.
Not all debts are discharged.
Depending on the chapter of bankruptcy code you file under, the debts that aren’t discharged include:
- Certain tax claims and government fines or penalties.
- Debts you didn’t list on the schedules filed with the court.
- Debts for spousal support, child support or alimony.
- Debts for injuries to others done maliciously.
- Student loans that are government-funded or guaranteed.
- Debts for damage you did while driving intoxicated.
- Debts you owe to some retirement accounts.
However, sometimes you can even overcome these limitations.
If you have debts due to malicious damage to property, debts to pay taxes or divorce payment debts, you might still get a discharge if you have a hardship due to circumstances beyond your control.
Just make sure you don’t blow it. Indeed, the court won’t discharge your debts (or they’ll revoke the discharge they issued) if you:
- Don’t provide tax documents they require.
- Don’t complete a course on personal financial management.
- Do anything to hide or transfer assets in an effort to defraud creditors.
So don’t play games…OK? Even though you may be able to do it, avoid getting your debts discharged. Pay them instead. If you have very high credit card debt for example, consider a credit card alternative or a peer-to-peer lender like Lending Club to reduce your interest rate (for more information, see my Lending Club review).
First, it’s a hit against your Karma not to mention your credit. I personally think the knock to your Karma can be more damaging. The person you owe money to has a family and has obligations just like you.
Even if it’s a big corporation, when you get your debts charged off, the company passes those charge-offs on to recoup their losses. That means others pay higher prices.
In some unique circumstances, getting your debt discharged might be the right thing to do on balance. That’s something you’re going to have to decide. But I think you’ll gain a lot more if you find a way to work out your debts and pay them off. Your self-confidence will soar and that will pay off for you big time down the line.
But if you do end up discharging your debts, just make sure you do everything in your power to be a responsible consumer from now on. That includes getting your budget under control, not falling for financial scams, saving money and cutting your spending.
Instructions-for-Discharging-Public-Debt-With-Private-Checks
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