Debt invalidation has also been referred to as debt elimination, debt reconciliation, debt resolution, debt validation, debt termination, and debt validation and reconciliation. It is based upon a dishonest and unethical "no money lent" or "vapor money" theory that banks are not legally permitted to extend credit, thus no money is owed and the debt is invalid.

Contrary to claims made by conspiracy theorists, self-proclaimed debt experts and consumer advocates promoting this concept as a means of eliminating credit card and other unsecured debts, and despite what you may have read elsewhere, when a bank extends credit to you, the debt is legitimate and you are obliged to repay them.

For example, if you use a credit card to purchase dinner, gasoline or an appliance for your home, would you really believe anybody claiming that you do not have to repay the debt?

Courts have consistently rejected this theory, despite proponents claiming they discovered legal loopholes, or other methods, that will eliminate, cancel or zero-out your debt.

• Click here to read one of many Court opinions rejecting this theory (see Paragraph 18).
   
• Click here to read a denied credit card debt Appeal presenting this theory.
   
• Click here to read an American Bankruptcy Institute Journal article addressing this theory.
   
• Michael D. Johnson, a Minnesota attorney, addressed this theory and other "consumer credit scams" in an article entitled "The Ostrich Defense: Internet Scams in Consumer Credit Collection" published in the Official Publication of the Minnesota State Bar Association in 2004. It can be reviewed in its entirety by clicking here.

The Debt Jurisprudence™ process is not debt invalidation.