【接上文】

DISABLED CLIENT FILES CHAPTER 13 FOR SECURED HIGH INTEREST LOANS;YOUNG CLIENT FILES CHAPTER 7 TO DISCHARGE $30K CREDIT CARDS（Ⅱ）

CLIENT NO. 2

Client is only 32. I remember when I was 32, which was 3 years ago, or was that 3 decades ago? Wait, my son is 36, so how can I be 32 three years ago? I digress. Whatever, at 32, client obtained $30K of credit card debt, which he used in college to supplement his student loans. College drugs to help you study better and to help you socialize, they don’t come cheap you know. He owes $120K of student loans. He tells me that he lost his job last December, and has not been able to obtain new employment thus far. Aside from wanting to get rid of all his credit card debt of $30K, he also wants to discharge his $120K of student loans. I told him that we can get all his credit cards wiped out, but it’s almost impossible at this time to discharge his student loans. When he starts to have two personalities like the first client, and that prevents him from getting employment, then it may be worthwhile to file an adversary case to discharge his student loans. But until then, we can only get rid of his student loans. “Fair enough,” said the young client. He said that he was paying $1,000 a month to keep the cards current, and he has been paying that amount since he graduated from college ten years ago. Well, that means he has paid out $120K to keep $30K of credit cards current for the last ten years since he graduated from college.

So, I told him that if he did not have these cards ten years ago, he would have saved $120K now, and he can use that money which he would have saved to pay off all of his student loans now.

Young client decides to seek Chapter 7 relief. Good decision. If he gets new employment, which I am certain he will eventually, he can pay off his student loans probably in ten years since he doesn’t have to pay credit cards anymore. And in ten years, the fact that he filed for bankruptcy will not even appear on his credit report. In fact, in 2 years, his credit score will be over 600.

“THE ETERNAL GOD IS YOUR REFUGE, AND UNDERNEATH ARE THE EVERLASTING ARMS.” – DEUTERONOMY 33:27.

Lawrence Bautista Yang is a graduate of Georgetown University Law Center and has been in law practice for thirty years. He specializes in bankruptcy, business and civil litigation and has handled more than five thousand successful bankruptcy cases in California. He speaks Mandarin and Fujien and looks forward to discussing your case with you personally. Please call (626) 284-1142 for an appointment at 1000 S Fremont Ave, MAILSTOP 58, Building A-1 SUITE 1125, Alhambra, CA 91803 OR at 20274 Carrey Road, Walnut, CA 91789.