【破產法】YOUNG DISABLED SENIOR NEEDS CHP 7 RELIEF FROM $50K CREDIT CARDS
05/04/2021 楊清泉律師事務所At some point in your life, you will have to confront your own mortality as well as the mortality of your loved ones. When you’re 12, you’re in a hurry to become a teenager. When you’re a teenager, you’re in a hurry to become 21. In the meantime, before you turn 21, you’re in college or starting to work and earn a living, becoming independent. From then on, you’re just living life as it comes, just enjoying yourself, your good health and your youth. You feel like you will never get old. How old is old? You can’t really say. If you’re 21, someone who is 45 appears old to you. But 45, I can tell you, is really young from the perspective of one who is say, 65. That is only a 20-year difference numerically, but physically, the outward appearance of one who is 65 now comparing himself to when he was 45, is quite obvious if you look at a picture of yourself taken now at 65, and a picture of yourself taken while you were 45. There’s less hair and whatever hair is left has, or at least a big portion, turned white. If you haven’t exercised regularly and controlled your diet, you probably have a little tummy over your belt, a kangaroo pouch. But if you have been exercising regularly and controlling what you eat, you probably are still fit and trim and the only sign of aging is the change in hair color, and the lessening of it.
Mortality sucks. That’s the plain and simple truth about it. Adam and Eve ate of the forbidden fruit in the Garden of Eden, against express instructions from God not to do so, but were tempted by Lucifer who was there in the form of a serpent. He told them that God prohibited eating of the fruit because if they did so, they would become like God, or as God. So that was the first big lie told to our very first ancestors by the devil, and being idiots that they were, they ate it. You know what a lie is right? It’s a falsehood. It’s not true. And what was the consequence of this stupid act of our ancestor? The consequence was and is our mortality. The bodies of Adam and Eve, before the big bite of the forbidden fruit, were immortal. Yes, their bodies would not get sick or age and they would never get old. Eternal Youth, they had it made. If they had not eaten of the fruit, they would never get old and die, and today, if you wanted to meet them, they would still be in the Garden of Eden. No matter if you were Black, White, Asian, Pacific Islander, Latino, Native American, you would be able to knock on the door of Adam and Eve, and present yourself and call them your eternal great, great, great ad infinitum grandparents. They would welcome you with open arms, looking not a day older than the day they were created out of clay. And you would be ever so grateful to them for the gift of immortality, the gift of not ageing and not dying. Coronavirus, who cares? We would be immortal. The virus would take a sip of our blood, and lo and behold, the virus would just die. All the races would get along because everyone would just meet and greet each other, “Hey cuz, what’s happening?”
Going back to business. By young senior, I mean client is only 63. He has never married and lives by himself. He has no children. He used to work for a bank in mid level management. For 30 years, his life was good. Then last year, he suffered a minor stroke. He’s recovering well but he can’t work anymore. He receives disability of $1800 a month. The problem is that he owes $50K of credit cards. Why is this a problem? For $50K of credit card debt, he needs $1500 a month for minimum payments to keep all of them current. Since his disability is $1800 vs. $1500 of minimum card payments, there’s only $300 left for rent and living expenses. Even if he became homeless and lived out in a tent by the 101-Fwy, he would not even have enough for food after making the minimum credit card payment of $1500. So, there’s no question that he needs to get rid of the $50K credit cards if he wants to keep his $1800 of disability income intact for rent and necessities. He quickly decides to obtain Chapter 7 relief for a fresh start and wipe out the $50K of credit cards.
Another senior is a little older. He’s 74. He owns a house with equity of $200K. As I said earlier this year, if you live in LA, the size of the equity will be completely exempt in bankruptcy up to $600K. Some people think there’s a 3-year waiting period or residency requirement. No, there’s not such thing as a residency period requirement. As long as you live here in LA, it doesn’t matter when you bought the house; its equity is exempt up to $600K. Maybe you just bought it yesterday. That’s fine. No problem.
Debtor now receives $1600 of social security. His wife still works and makes $3K a month. He owes $30K of credit card debt. He needs $1K a month for minimum monthly credit card payments. Well, obviously there’s a financial hardship here with credit card payments eating up 65% of his social security income. It’s ironic that you work all your life; then get social security that’s a paltry amount, but you have to give more than half of that to your credit card masters when you retire. It’s just not right. This is as ironic as getting the virus today when the vaccine is now available to anyone who wants it. I got mine two months ago. You should get yours too. If you’re an anti-vaxer and anti-masker, good luck with your opinion. You’re not superman and even superman succumbs to kryptonite. My HS classmate just died on the 24th from the virus. His wife and daughter also got it but they recovered. He could not get the vaccine in the country he lived in.
If you need debt relief, please set an appointment and I will analyze your case personally.
“AS SOON AS YOU EAT IT, YOU WILL BE LIKE GOD.” GENESIS 3: 1-7H
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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