BUSINESS OWNER NEEDS CHAPTER 13 TO REORGANIZE | 杨清泉律师事务所

Client is a young senior. At 65, in my book, she’s a young senior. She has been living by herself since she divorced 20 years ago. Her adult children have their own lives and families. She prefers to have the privacy of living by herself. Most seniors prefer to live in their own house living their own lifestyle whatever that might be. Especially here in LA where home values are unreasonably high, even if you cash out your equity by selling your house, where will you move to? You won’t be able to buy another house in LA because houses here are so expensive, you’d have to look at moving out of state to say to AZ or TX, where houses are still reasonably priced. In Houston, you can still buy a new house with 2500 S.F. for $400K. With the equity generated by the sale of your house in LA, you can pay for the brand new house in TX in cash, carrying no mortgage. Or, if you insist on staying near LA, you can look at houses in Rialto or Fontana in San Bernardino County where $400K for a house is still well within reach. But who wants to live in Rialto anyway, it’s in the boondocks. It would be a couple of notches down your LA lifestyle.

Fortunately for client, her condo is fully paid off. It’s now worth close to $600K. The problem is that she operates two retail outlets in the food industry. Both outlets were doing great before the pandemic. 4 years of pandemic killed one of the outlets. The other outlet is still surviving and provides a source of regular income for client. In addition, she enjoys doing that business so she wants to continue doing that business.

The outlet that died as it could no longer pay the rent of $10K a month owes $180K of rent. So obviously, the landlord wants to get paid. Client did not borrow from the SBA for the PPP loans to keep this outlet going, unlike many business owners who did resort to that alternative which did help to survive the pandemic, but it’s a fact that businesses have not yet been able to get back to income at levels before the pandemic so there’s that dilemma, that many businesses have to contend with. Client only owes unpaid rent of $180K and unsecured debt of $20K. Landlordnow wants to sue client for $180K.

Her initial desire is to file for Chapter 7 for a fresh start with no debt. Although theoretically her condo is totally exempt under current exemption of $630K, there is a significant risk that she could lose her condo to the Chapter 7 trustee. You never know, the trustee might have an interested buyer willing to pay $700K for her condo. Home prices are supposed to have dropped a little bit, but why even assume the risk of losing her condo with Chapter 7?

In Chapter 13, we can submit a plan that say, pays only $300 a month for 60 months, or a total of $18K without interest. This is only 9% of her total debt of $200K. Is she makes all plan payments timely, the court will discharge or wipe out $182K. And more importantly, in Chapter 13, there is zero risk of losing her condo to the trustee. Chapter 13 trustees do not have the power, unlike Chapter 7 trustees, to sell debtor houses. Being a businesswoman for 40 years, client immediately sees the wisdom of using Chapter 13 in her situation.

If you have too much debt and need relief, please set an appointment to see me. I will analyze your case personally.

PRAYING ALWAYS HELPS

It also helps to pray to our God, His beloved Son, Jesus Christ, and the Blessed Mother Mary for divine protection against financial problems, because we have a God who loves us and His beloved Son, Jesus Christ, showers us with infinite mercy. All we have to do is humble ourselves and pray to the Sacred Heart of Jesus for a drop from his ocean of infinite mercy. Jesus revealed in 1930’s to Saint Maria Faustina Kowalska of Poland that all sinners which we all are and those who do not believe in God and those who do not yet know Jesus, should all be brought to His sacred heart and be submerged in the ocean of His infinite mercy, for the sake of His Sorrowful Passion. Anything you ask for when you pray the chaplet for His divine mercy will be granted, if compatible with His will. Moreover, you are guaranteed a peaceful death.

What is the current proof that God and Jesus are divine and all powerful? I refer you to exhibit A, the incorruptible body of Carlo Acutis!

CURRENT ONGOING PHYSICAL PROOF GOD IS ALMIGHTY

INCORRUPTIBLE BODY OF CARLO ACUTIS DIED 2007 AT AGE OF 15

Look at the incorruptible body of the blessed Carlo Acutis who died at 15 in 2007. You can look at his body in Rome, Italy, now 14 years after his death. He looks like he’s just asleep in his jogging suit and rubber shoes!  That is a perfect example of an ongoing sign on earth that the God of Moses, our God, my God, is almighty and all-powerful that He even suspends the natural laws of biology and physics without any effort. He resurrected His one and only beloved son from death on the cross. Indeed, He has power over death.

I have actually thought, “What would the other religions believe if they actually saw the incorruptible body of the blessed Carlo Acutis? I think even Buddha, if he were alive today, would truly believe that Yahweh is the one True God.” No need to think about reincarnation and nirvana because his incorruptible body is available for all to see in Rome, Italy. We won’t need any kind of explanation on the efficacy of modern day mummification. Come on, man, that’s all bull. The truth is in plain sight. Believe your own eyes that the one true God is all-powerful and His name is Yahweh, “I am who am.” He is the alpha and the omega, the beginning and the end.

Disclaimer: None of the foregoing is considered legal advice for anyone. There is absolutely no attorney client relationship established by reading this article.

“ETERNAL FATHER, WE OFFER YOU THE BODY, BLOOD, SOUL AND DIVINITY OF YOUR DEARLY BELOVED SON, JESUS CHRIST, OUR LORD AND SAVIOR, IN ATONEMENT FOR OUR SINS AND THOSE OF THE WHOLE WORLD, FOR THE SAKE OF HIS MOST SORROWFUL PASSION, PLEASE HAVE MERCY ON AMERICA AND THE WHOLE WORLD.”

Lawrence B. Yang is a graduate of Georgetown University with a Master’s Degree in Law and specializes

in Bankruptcy, Business, Real Estate and Civil Litigation.  He speaks English, Mandarin and Fujian

andhas successfully represented thousands of clients in California, including companies overseas. 

Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 20274 Carrey Road, Walnut, CA 91789 or1000 S. Fremont Ave., Mailstop 58 Building A-10 South Suite 10042 Alhambra, CA 91803.