YOUNG SENIORS SEEK TO DISCHARGE $100K CREDIT CARDS; CLIENT SEEKS CHAPTER 20 TO HANDLE $65K STUDENT LOANS; HILARY COULD MAKE STUDENT LOANS DISCHARGEABLE

Clients are spouses who are 60 and 59. In my book, they are young seniors. I know that if you are a young person between 20 and 50, you probably may look at a person who is 60 as “gramps” or “grandma,” but I’ve been 20 and 50 before. I thought that when you hit 60, one might feel a little differently. But actually, unless you have some kind of illness that makes you feel and look older and as long as you keep yourself in shape by exercise and healthy foods, you won’t feel “old”, or look “old”. When they say 60 is the new 40, I actually understand what that means. Of course, there is a difference in energy level because a young man of 20 can keep on going day and night, sleep for a couple of hours and be still good the next day, and for the next couple of days. Now, when you’re 60, you just can’t keep on going like the energizer bunny, but you can still be very productive, except that you have to pause and rest when you have to, then you can go again. With stem cell technology improving at a faster clip nowadays, I’ve heard of people who have gone to Mexico for stem cell therapy using stem cells manufactured in the United States which should have no moral or ethical issues compared to stem cells from a fetus. I actually know someone whose father went to Mexico to get fetus stem cells to treat his throat cancer. 3 months of treatment cost $250K. It worked. His father is cancer free and wants to get married again to a 30-year-old wife. He showed me the before and after pictures of his father. He now looks so much younger than his 72 years. Believe it or not, he looks about 50. His mother who was also stricken with throat cancer would not use fetus stem cells for ethical reasons. She used her own adult stem cells. It did not work. She died of cancer. The collateral damage is that the other children, my friend’s brothers and sisters are mad at him now because their father wants to get married again to a young bimbo just after their mother died.

Apparently, the clinic in Mexico is run by a group of German doctors where my friend’s father went. The other clinic that uses stem cells manufactured in San Diego, I believe that clinic is run by Americans in Mexico. I think they charge $15K per half an hour treatment and two treatments will be effective to repair damage caused by a major stroke. I understand that a well-known hockey player known here as the “father of hockey” suffered a major stroke at the age of 87 and could not walk. With 20 minutes of therapy where stem cells manufactured in San Diego were infused into his spinal column, and after 8 hours of lying down on the surgical table waiting for the stem cells to travel to his brain, he got up and walked to the bathroom on his own. He said he felt great and could walk again. This medical technology seems to be promising for everyone in the future. Treatment costs could get cheaper in 5 or 10 years. So if you start fresh now by getting rid of all your credit card debt, by the time you need stem cell therapy, your credit will be perfect again, and you can use a ton of credit cards to pay for you stem cell therapy ten years from now when there is no longer any record of your Chapter 7 fresh start now. Think of repairing your kidneys damaged by diabetes. You avoid dialysis completely! Or, repairing you heart attack battered heart and make it work like new!

Getting back to our young seniors. Husband owes $60K of credit cards, and wife owes $40K. Together, they owe $100K of credit cards. That’s a heavy burden. They pay $3K a month to keep $100K of credit cards current every month. Let’s not even compute how much they have paid out in minimum credit card payments so far. Just two months is $6K. That’s more than a mortgage payment on a $500K trust deed, and a lot more than clients’ rent. It’s a statement of the obvious that these young seniors must get a fresh start in life by wiping out all of $100K of credit card debt now. Husband still has a good job that pays him $6K a month. Spouse is a housewife. She doesn’t work and doesn’t get any pension or social security yet. The household nets $5K a month and they have one car payment of $400. Their children are all adults and have jobs. They are now empty nesters. Obviously, the correct move for them now is a Chapter 7 to wipe out $100K of credit cards. I mean, who wants to pay $3K a month to maintain $100K of credit cards. Sure, $3K a month to pay for a mortgage, at least for $3K you can live in a house. But you can’t live in a house of cards can you?

Second client is 51. He wants to do a Chapter 20. Chapter 20 is when you first do a Chapter 7, which he did last year to wipe out $40K of credit cards; then you do a Chapter 13 to handle something that was not discharged in Chapter 7. In client’s case, he had $60K of student loans. These are not dischargeable in bankruptcy. Hilary Clinton has already said that she wants to offer free college tuition to anyone in the future. The flip side of that I think would mean that she would probably make student loans dischargeable. Client wants to use Chapter 13 to pay off his $60K of student loans over 5 years. What is the advantage? The advantage is that he can pay of the entire $60K over 5 years through a Chapter 13 plan without incurring any interest. He can pay off the principal only and after that, nothing is left.

Vote for Hilary. A vote of Hilary means free college tuition for everyone and maybe student loans will become dischargeable in bankruptcy.

“OUR CITIZENSHIP IS IN HEAVEN. AND WE EAGERLY AWAIT A SAVIOR FROM THERE, THE LORD JESUS CHRIST, WHO, BY THE POWER THAT ENABLES HIM TO BRING EVERYTHING UNDER HIS CONTROL, WILL TRANSFORM OUR LOWLY BODIES SO THAT THEY WILL BE LIKE HIS GLORIOUS BODY.” PHILIPPIANS 3:20-21

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 and has successfully represented thousands of clients in California, including companies overseas. Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 1000 S. Fremont Ave., MAILSTOP 58 BUILDING A-1 SUITE 1125, Alhambra, CA OR at 20274 Carrey Road, Walnut, CA 91789.