SENIORS SEE NO BENEFIT IN KEEPING CREDIT CARD DEBTS. ONE SEEKS TO DISCHARGE $20K AND ANOTHER $30K

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The second client is 55. She is still working as an accountant and makes $60K a year. Her son is 28 and lives with her because he has not been able to get a permanent job since he graduated from college. She co-signed his student loans of $80K. She pays $900 a month for her son’s student loans. She racked up $40K of credit cards since she divorced 8 years ago. Her first mortgage is $2,500, and her HELOC line is $500 a month. She is also paying for her son’s car loan at $500 a month. Her net take home pay is $4K. Not much room left, considering secured debt is claiming $3K a month just for the house and the car. Add $900 for the student loans, and there is nothing left for food. Credit cards require $1,200 a month minimum. There is no money to pay any part of that. Fortunately, son has just gotten an offer to work for a realty management company at $3K a month. But even with son paying his own way for the student loans and his car, client sees no way for her to pay off her credit cards in her lifetime. So, client decides to get rid of all of the $40K credit card debt with a Chapter 7 petition. This is a good decision for her because she will save the $1,200 a month. In one year alone, she will save $14,400, and she will have no debt.

I refer you to ECCLESIASTES 3 - “A time for everything, and a season for every activity under the heavens: A time to be born, a time to die… a time to keep and a time to throw away…” There was a time when one needed the credit cards for whatever reason, but there is also a time to get rid of all of them. And that time is now. Unless you can get a big chunk of free cash from somewhere, the best alternative is to get Chapter 7 relief. You keep all your assets (in most cases), and keep all your income, but you get rid of all your debt and get a fresh start in life, no matter what your age is! Set an appointment to see to see if you qualify. You will feel relief from financial stress and the burden of debt instantly!

“THE LORD IS MY PORTION,” SAYS MY SOUL,”THEREFORE I HAVE HOPE IN HIM.” LAMENTATIONS: 3:24.

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.