How to set Westell 7500 to bridge mode

Scenario: You got a Westell 7500 modem from Verizon DSL but already have your own router that you want to use. The following few steps explain how to make the Westell 7500 work in bridge mode. Note: If at any point you feel like something went wrong, the modem isn't responding.. anything at all - DON'T PANIC!