DEFAULT !!! Escaping the Debt Trap and Avoiding Bankruptcy [Paperback]

Heidi Guedel (Author)

Book Description

Publication Date: November 6, 2008

The true story of an ordinary middle class married couple buried in over $94,000 in credit card debt who face debt collection, defend themselves in court without hiring an attorney, and force a major bank's collection attorney to dismiss its case against them. They avoid bankruptcy and prevent collection. Every pleading (of both Plaintiff and Defendant) filed in this case is reproduced in its entirely - only the case number and names have been changed to protect the couple's privacy. What these people learned about the banking system would change their lives forever.

--This text refers to the Kindle Edition edition.

Product Details

• Paperback: 182 pages
• Publisher: Lulu.com (November 6, 2008)
• ISBN-10: 0557023203
• ISBN-13: 978-0557023202
• Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #2,975,895 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

18 of 21 people found the following review helpful:

5.0 out of 5 stars SURVIVAL OF THE WITTIEST, December 21, 2008

By 

Singin' in the Sun "theSingingSocialworker" (Florida, USA) - See all my reviews

This review is from: DEFAULT !!! Escaping the Debt Trap and Avoiding Bankruptcy (Paperback)

This book has now been UPDATED and the Second Edition has been published in a larger format with a timely new chapter about the tricks and traps that debt collectors attempt to set for people who should be impervious to lawsuits after the Statute of Limitations has expired. Very surprising, entertaining and eye-opening story that many of us can identify with -- being knee-deep in debt and desperate to pull ourselves out of the quicksand.

It begins with a page-turner of an account of the little-known Credit River Decision which took place in the Credit River Township of Minnesota in the mid 1960's. A bank president admitted in court that his bank actually created money out of thin air whenever it made a loan. And, as if that wasn't shocking enough, the Justice of the Peace who presided over this trial was apparently murdered before he could preside over any other such cases, and the winning attorney was disbarred for some trumped-up technical violation.

SOMEBODY didn't want that case to carry any weight. This astounding decision in Minnesota, and its aftermath, sets the stage for the true story of this married couple who stood up to one of the biggest banks in the world and forced them to dismiss their case. I felt like jumping with joy when I finished the last chapter.

It's a great read. The writing is fluid and vivid, and very easy to identify with the main characters. I only stopped to put it down when I got to the technical part -- the step-by-step walk-through of all the pleadings in the lawsuit. I had to pour through all of that later, and study it step-by-step like a championship chess game. This woman could become a top notch attorney. She has the mind for it.

As for which major banking institution that the "Funnibank" pseudonym was a substitute for? That's a No-brainer -- I'm sure it was Citibank, LOL; especially because of the reference to that bank suing any small arbitration company that rules in favor of consumers, and putting them all out of business just by embroiling them in a lawsuit. That was definitely Citibank. I was already aware of all that when I read this book, having been doing research of my own regarding eliminating credit card debts.

I was delighted to find out exactly how this normal, middle-class couple was able to face down a major credit card company in court and WIN.

YES... WIN! The author reveals the entire process, in detail, so that anyone can understand and apply the tactics to their own situation if applicable.

In view of our present situation with banks getting bailed out with TRILLIONS of dollars of taxpayer's money, I think we taxpayers deserve to hold onto as much of our hard-earned money as we possibly can... and LEGALLY.

kudos to Guedel for publishing this in-depth account of such a victory; the first of many, I hope.

10 of 12 people found the following review helpful:

5.0 out of 5 stars A Rousing War Story -- Hail the Conquering Heroes!!!!!!!!!!!!, December 26, 2008

By 

BIG BIRD "flyboy-upup-n-awayyyy" (My secret Southern garden) - See all my reviews

This review is from: DEFAULT !!! Escaping the Debt Trap and Avoiding Bankruptcy (Paperback)

As a long standing fan of Heidi Guedel's career as an animator and author of her own entertaining autobiography, I occasionally Google her just to see if she's come up with anything new... and VOILA!!!!! I find THIS little GEM.

According to some recent threads on quatloos! dot com, Heidi has used pseudonyms to thinly veil her own fight against credit card collection, and this book is really about her and her husband.

Although that IS an interesting controversy, ESPECIALLY given the author's feisty history of debate on the Internet forums, the real interest value lies in this book's detailed blow-by-blow description of what it is really like to be sued in District Court (NOT small claims court... a lot of money was at stake here) by a major credit card company, daring to fight back by learning how to represent themselves in court and WINNING.

Not only does she print the entire series of legal docs that make up the case file, but she also recommends and describes the how-to-represent-yourself-in-court website that provided the most valuable tutorials. She also busts the rip-off Debt Elimination company that was originally founded by a self-proclaimed debt elimination guru.

If you need to get out of debt, you need to read this book. FIRST, it will warn you about the sharks that are out there waiting to scam you out of your last few dollars on your over-limit credit cards, and it will THEN show you how two normal, middle-class people from Main Street beat the Wall Street bankers' collection attorney and made him dismiss his case against them.
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