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The immediate effect of the decision was that Daly did not have to repay the mortgage or relinquish the property. The case and its reasoning have subsequently been cited as nullifying the U.S. banking system and in particular the practice of fractional-reserve banking. However, the bank appealed the next day, and the decision was ultimately nullified on the grounds that a Justice of the Peace did not have the power to make such a ruling. Because the decision was nullified, the case has no value as precedent. However, it is still cited by groups who support a government owned central bank or oppose the Federal Reserve System; such groups argue the case demonstrates that the Federal Reserve System is unconstitutional. A U.S. District Court decision in Utah in 2008 mentioned half a dozen such citations, noting that similar arguments have "repeatedly been dismissed by the courts as baseless" and that "courts around the country have repeatedly dismissed efforts to void loans based on similar assertions."
OK, here's an idea, but I have retired from practicing law, and this is not legal advice. Put together a list of all creditors. Then do a real, accurate financial statement and sign it. I'm assuming you owe more than you are worth. Calculate the ratio of debts to assets. Let's say you owe $100,000 and have assets, at a liquidation value, of $50,000. That's a 50% ratio. Write a letter to each creditor with a copy of the financial statement, and a copy of a Chapter 11 Bankruptcy petition you have filled out. You can get the forms at any good sized office supply store. The letter should say something on the order of, "I've tried but I just can't make it. Here's a financial statement. I will pay you 55% of what I owe which is more than what you'll get if I file the attached Petition in Bankruptcy." But remember, this advice is coming from someone who quit doing law and went back to get a PhD in Physical Chemistry and is now a forensic scientist, not a lawyer.