楊清泉律師專欄：DOES GODZILLA LIVE IN YOUR HOUSE?

The Japanese created GODZILLA a long time ago. It’s a gigantic T-Rex on steroids that destroys Tokyo and the rest of Japan until someone comes to the rescue and kills it with nukes. Mr. Honda, the author, created the concept of GODZILLA as a metaphor for the atomic bomb in 1954 when Hiroshima and Nagasaki, which were the recipients of two atomic bombs from the United States were still fresh in the minds of the Japanese. Now, of course, Kim Jung Un of North Korea has recently threatened to wipe Japan from the face of the earth with his nuclear bombs. So, I am sure that the spectre of GODZILLA is now making the rounds again in Japan.

No way that GODZILLA can be living in your house, right? Well check again. Maybe you got your first credit card ten years ago and that was GODZILLA’s egg. Now, you have ten credit cards and you have a mountain of credit card statements that you receive every month, each one of them requiring a minimum payment from you to keep them happy. What happens if you don’t make the minimum payment every month? Well, they will turn nasty and create a lot of trouble for you. This is the problem of having GODZILLA in your house. It’s very hard to kill GODZILLA because it is a gigantic monster!

You can’t kill it with a 50-caliber machine gun. That’s not strong enough. Those 50-caliber bullets just slide off GODZILLA’s tougher than steel skin. 500 lbs. bunker buster bombs have been proven ineffective against this monster. He just shrugs them off like mosquito bites. The only way you can kill GOZILLA in your house is to put a nuclear smart bomb through its navel and detonate it.

Only a Chapter 7 petition has enough legal power to kill all your credit cards in one explosion. Wipe out all your dischargeable debts; keep all of your assets including your house, cars, furniture and retirement accounts, and start fresh in life without accumulated debt. Kill the GODZILLA in your house, or it will destroy your life.

If you owe $30,000 of credit card debt now, next year, that debt will become $40,000, then $50,000. You need at least $1,000 of net income to make minimum payments on $30,000 of credit cards every month. For $40,000 of credit cards, you will need $1,200 of net income for minimum monthly payments. If you don’t have the $1,000 or $1,200 of net income, you will have to borrow $12,000 a year to make the $1,000 of monthly payments. This means that your $30,000 debt will become $42,000 in twelve months. If you gross $3,000 monthly, 40% of your net income of $2,400 will be used to service your $30,000 of credit card debt. You are being eaten alive by GODZILLA even if you don’t know it.

Client is 72. She has been a widow for 3 years. She used to be a caregiver until last year. Last year her patient, a 400 lbs. woman who is 6 feet tall, threw her to the floor. Patient had mental problems. Client thought she was going to die on the floor since she is only 5 feet and 130 lbs. She became unconscious and was brought to the hospital. Although she survives the fall, she now has a lot of back pain, which made her eligible to receive disability. She owes $40K of credit card debt. Her disability pay is $1,400 and her social security is $1,000. So, she gets monthly $2,400 from disability and social security. Her rent is $600. Her $40K of credit card debt requires 50% of her income for minimum payments. She has two sons who have offered to pay the minimum of $1,200 for her $40K of credit cards. But what is the logic in keeping these cards? Sons will pay $15,000 this year. Next year, they will pay another $15,000 and the year after next, another $15,000. In 3 years, sons will be $45,000 but client will still owe the same $40,000 of credit card debt after her sons aid $45,000 of minimum payments for 3 years!

Client decides that she need the full legal power of Chapter 7 to get rid of all of her $40,000 of credit cards now and to start a new and productive life again at 72! Chapter 7 is the “fresh start” law. You start life again without the burden of accumulated debt whether your are 72, 62, 52, 42 or 32, it doesn’t matter. You can start fresh again in life at any age! The sooner the better for you and your family, otherwise you will have a GODZILLA living in your house.

If you need debt relief, set an appointment to see me. I will analyze your case personally.

“A FAITH AND KNOWLEDGE RESTING ON THE HOPE OF ETERNAL LIFE, WHICH GOD, WHO DOES NOT LIE, PROMISED BEFORE THE BEGINNING OF TIME.” TITUS 1:2

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.