Lecture on Debt Discharge under 12 USC 995a

Introduction

• Claim: All debts may have already been paid under US law.
• Focus: 12 USC 995a, a statute that may allow debt discharge.
• Presenter: Researcher in consumer law since 2021.

Background of 12 USC 995a

• Related to regulation of transactions and foreign exchange of gold and silver.
• Originated from the Trading with the Enemy Act (TWEA) of 1917, expanded in 1933 by FDR's executive order 6102.
• Allowed government to seize gold and suspend the gold standard.

Implications of Suspended Gold Standard

• Gold is not the standard of money, so debts cannot be collected using gold.
• Obligations are considered paid under public policy due to a switch to a debt-based financial system.

Key Provisions of 12 USC 995a

• During wartime, the president may regulate or prohibit transactions in foreign exchange.
• 995a2: Payments made to the US as directed by this statute are considered full discharge of obligation.

Legal Arguments

• Since 1933, US operates under a fiat currency system (credit-based, not gold-backed).
• Consideration in Loan Contracts: Banks don't lend actual money, but create credit through ledger entries.
• Challenge enforceability of debt: Demand proof of loan funding from banks.

How to Use 12 USC 995a to Challenge Debt

1. Demand Proof of Loan Funding: Ask banks to show how they funded the loan.
2. Request Proof of Money Loaned: Challenge if lender loaned real money or created credit.
3. Holder in Due Course: Use UCC 3-305 to challenge creditor's right to enforce debt.

Filing a Dispute

• Send a legal debt validation letter referencing 12 USC 995a.
• Quote laws in complaints to regulatory bodies like CFPB and FTC.
• If unresolved, consider legal action to force banks to prove their claims in court.

Steps to File a Complaint

• Complete administrative process before approaching agencies like CFPB or FTC.
• Be prepared to sue banks to enforce your rights.

Conclusion and Resources

• 12 USC 995a suggests debts are already discharged.
• Debt discharge is a legal challenge, not a simple notification.
• Resources:
  • Complete Debt Guide ($47)
  • One-on-one mentorship for credit building.
  • SoloSuit for legal assistance.

Call to Action

• Engage with content: Like, comment, and subscribe.
• Explore additional resources for deeper understanding.
• Suggestions welcomed for future topics.

Final Thoughts

• Importance of understanding and challenging debt obligations.
• Encouragement to conduct personal research and engage with available resources.