【破产法】HOLY FRIDAY; CHAPTER 7 VS. CHAPTER 13
04/02/2021 楊清泉律師事務所HOLY FRIDAY; CHAPTER 7 VS. CHAPTER 13
Today is Good or Holy Friday. In the Christian world, we recognize today as the day that Jesus Christ died on the cross in Golgotha after suffering through the Stations of the Cross. Why did Jesus, who is the beloved Son of God, have to die for us? I mean can you understand this at all. God Almighty, creator of heaven and earth and everything in it, sent his only and beloved son to earth, became man, to die for us, to redeem us from the consequences of sin, so that we may enter renew or reestablish our relationship with God that Adam and Eve had broken with their original sin of eating from the forbidden fruit in the tree of life.
In law, when a contract is broken, there is restitution. But the contract between God and Humanity represented by Adam and Eve; can only be restored by God, because there is no parity between man and God. So God send Jesus, His Son, who is also divine, to earth to die for mankind, so that mankind can be redeemed from the our brokenness borne from the consequences of sin. We humans are actually nothing. We were made from dust, given temporary life on this earth by the breath of God. The breath of God stays with us only for 120 years because we are made of flesh. When God’s spirit leaves us, we die and turn to dust again.
Why did God send Jesus to die for us…because God so loves us. Why did Jesus agree to die for us…because He also so loves us. Dying for someone is the ultimate sacrifice and act of love for that person.
What happened when Jesus died? His suffering ended and the debt owed by man was paid in full. He then went to hell for 3 days before His resurrection. Here we distinguish between the lake of fire, which is actual hell, and that part of hell where Abraham and other believers were waiting for Jesus to bring them to heaven. The Bible calls that “sheol” as distinguished from that part of hell, which is the lake of fire.
The four last things of man: death, judgment, heaven and hell, these are the last four stages of the soul in life and the afterlife.
What is the temperature in hell? It’s hot as hell. 444.6 C to be exact. That’s the temperature at which sulfur changes from liquid to gas.
Where is hell located? Hell is located in the lower astral plane of earth, which extends downward from the surface of the earth down to its center. As we all know, the center of the earth is made of super hot molten lava that spews out once in a while thru volcanic explosions.
Mathew 13:42 Jesus says: “And shall cast them into a furnace of fire; there shall be wailing and gnashing of teeth.” Hell is forever! All who enter hell abandon all hope. The horror of hell is unbearable even for one second – but FOREVER! So think really hard if you want to spend to rest of eternity burning at 444.6 C before you pull that trigger to kill some people again. It’s really not worth your eternal soul wailing in hell forever.
Is Chapter 7 better than Chapter 13? I would say generally speaking if you have accumulated debt that is too burdensome for you, Chapter 7 is better for you than Chapter 13 because in Chapter 7, all your debts are wiped out, giving you a fresh start in life so you can be productive again. In Chapter 13, you’re paying something to the trustee who distributes that among all your creditors for 36 to 60 months.
Senior client owes $60K of credit cards. He’s now on social security of $2K a month whereas he used to gross $6K a month before retirement. Chapter 7 would just wipe out the entire $60K. He doesn’t have to pay a single cent back, thus getting a fresh start without the $60K of debt. What if he had $500K in his 401K, could he still get a Chapter 7 discharge of the $60K cards? Yes because ERISA qualified retirement accounts are exempt up to $1.1M. Can he qualify for Chapter 7 even if his equity in his residence is $500K? Yes because 704.730 was recently amended to provide a homestead exemption in LA County of $600K.
In Chapter 13, client would have to pay a portion of the $60K. Just this fact alone makes Chapter 7 “better” than Chapter 13. If client needs to pay $300 a month in Chapter 13 for 60 months, this means he has to pay at least $18K of the $60K, so Chapter 13 is $18K more expensive than Chapter 7 where client pays nothing.
However, things are not as simple as the foregoing. Sometimes, debtors cannot qualify for Chapter 7, or Chapter 13 is more beneficial for them because of certain circumstances. For example, debtor is behind in his house payment in the amount of $20K. Chapter 13 will freeze the $20K and allow debtor to pay off the $20K in 60 months, thus saving his house from foreclosure.
So each case is different from other cases. If you need debt relief, please set an appointment and I will analyze your case personally.
“GOD SAYS, ‘I WILL SAVE THOSE WHO LOVE ME AND WILL PROTECT THOSE WHO ACKNOWLEDGE ME AS LORD. WHEN THEY CALL TO ME, I WILL ANSWER THEM; I WILL RESCUE THEM AND HONOR THEM. I WILL REWARD THEM WITH LONG LIFE; I WILL SAVE THEM.” PSALM 91. Written by Moses a long time ago, maybe 3000 years ago.
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 20274 Carrey Road, Walnut, CA 91789 or1000 S. Fremont Ave., Mailstop 58, Building A-10 South Suite 10042, Alhambra, CA 91803.
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