【破产法】CLIENT SEEKS CHP 7 RELIEF FOR $100K CREDIT CARD DEBT | 杨清泉律师
07/13/2023 楊清泉律師事務所Client is 45, married with two sons, 16 and 12. He used to own and operate, together with his wife, a small business,
which started in 2014. They sold the business for $40K in 2019 just before the pandemic started. He says the
business was barely breaking even so they decided to just sell it. They were lucky to have sold it a couple of months
before the pandemic started in 2020 because the business would have been rendered totally worthless in 2020. I
guess the buyer of the business thought he was getting it for a bargain at $40K but really regretted buying it when
the pandemic hit as I am sure gross receipts went from $30K a month to zero.
CREDIT CARDS USED TO FINANCE BUSINESS
Client used credit cards to finance the operations of the business for five years. It’s easy to rack up $100K of credit
card debt when you’re running a business, $20K this year, $30K next year. That’s already $50K in two years of new
credit card debt. It’s easy to use them, but it’s quite difficult to pay them back so most people take the easy way out.
They just pay the minimum monthly payment every month and think they have no credit card debt at all. For $100K
of credit cards, you need at least $3K to make minimum monthly payments. After paying $108K in just 3 years of
minimum payments, guess how much you still owe? After paying your credit card masters $108K in 3 years, you still
owe them the very same $100K! It’s the best deal in town for your credit card masters. If you feel like they own you;
that you are a modern day debt slave, you are exactly right because a slave is what you are. You must give your
masters, their minimum monthly tribute, or else you will suffer the consequences. They will sue you, levy your bank
accounts and cars, put judgment liens on your house and eventually sell your house to satisfy the judgment liens if
you don’t protect yourself.
PANDEMIC BUT RENT FREE
After they sold their business, clients had to look for alternate sources of income to support themselves. Fortunately,
wife was able to get a job but only at minimum wage. It’s not even enough to pay their rent. But lo and behold,
here’s Uncle Sam to the rescue. Residential rent payments were suspended right after the lockdown and continues
to up to the end of this year, unless further extended. They get to live in their residence, rent-free for more than 18
months now. They were also able to get pandemic EDD of combined $3K a month, which has just ended on
September 4. I think that’s the final end of the pandemic EDD for the self-employed.
THERE’S MONEY IN DRIVING
But client is enterprising enough as he needs to take care of his family. He starts driving for Uber and Lyft and has
gross receipts of $8K a month! But wait, you still have to deduct expenses from that. Uber and Lyft get a
commission, gas, etc. Client ends up with net of about 40% of gross receipts, or net of $4K a month. That’s not bad
at all. You’re still your own boss and you’re still working for yourself. I think if you drive a Prius, you might save a lot
of gas expense since that’s a hybrid. So there you go, if you next money and have a car, go drive Uber and Lyft,
there’s more than enough business to go around it appears. No, I’m not an influencer for Uber or Lyft. But they do
provide sufficient extra income for those who are willing to spend their days and nights driving people around town.
Make your car work for you during these uncertain times, but do get rid of all your debt so you can save the money
you make. Save money so you can invest for your retirement. The difference between 40 and 60 years old is only 20
years. As you well know, the weeks go by so fast; in the blink of an eye for 20 years is not an exaggeration. You
remember when you just turned 20, or before that, when you were just a teenager. Doesn’t that feel like that was
only yesterday? So, if you owe $30K of credit cards at the age of 40, that’s $1K of minimum credit card payments
monthly. In 20 years, you would have paid $240K in minimum payments. And how much do you still owe at age 60?
You still owe $30K!
GETTING RID OF DEBT MAKES SENSE ESPECIALLY TO BILLIONAIRES
WHO FILED FOR CHAPTER 7 BEFORE
If you had discharged the $30K with a Chapter 7 petition at the age of 40, then the $240K would be in your
retirement account at the age of 60. And this year if you had invested that on s & p index funds that would have
appreciated by 20% as of today, or almost $50K. You would have $290K in your retirement account even if you just
invested starting January 1, 2021. If you had started investing 20 years ago at the rate of $12K a year, you’d
probably have $1.0 M at age 60. That’s how much opportunity for yourself and your family, you are missing out on
by keeping your $30K of credit cards by just making minimum payments on them monthly. They’re like leeches.
They get their teeth on you and just suck your blood until you are totally drained of your life force.
Believe it or not, Walt Disney, filed for Chapter 7 not once, but twice before his Disney global empire became
successful. He went on to become a billionaire after getting rid of all his debt twice. Milton Hershey, of Hershey
2CLIENT SEEKS CHP 7 RELIEF FOR $100K CREDIT CARD DEBT_ccyp
chocolates, the biggest chocolate business in the world, also filed for Chapter 7 once before he became successful
and a billionaire.
If you have too much debt and need relief, please set an appointment to see me. I will analyze your case personally.
DISCLAIMER: NONE OF THE FOREGOING IS CONSIDERED LEGAL ADVICE FOR ANYONE. EACH CASE IS
DIFFERENT. THERE IS NO ABSOLUTELY NO ATTORNEY CLIENT RELATIONSHIP ESTABLISHED BY
READING THIS ARTICLE.
PRAYING ALWAYS HELPS
It also helps to pray to our God, His beloved Son, Jesus Christ, and the Blessed Mother Mary for divine protection
against financial problems, because we have a God who loves us and His beloved Son, Jesus Christ, showers us
with infinite mercy. All we have to do is humble ourselves and pray to the Sacred Heart of Jesus for a drop from his
ocean of infinite mercy. Jesus revealed in 1930’s to Saint Maria Faustina Kowalska of Poland that all sinners which
we all are and those who do not believe in God and those who do not yet know Jesus, should all be brought to His
sacred heart and be submerged in the ocean of His infinite mercy, for the sake of His Sorrowful Passion. Anything
you ask for when you pray the chaplet for His divine mercy will be granted, if compatible with His will. Moreover, you
are guaranteed a peaceful death.
What is the current proof that God and Jesus are divine and all powerful? I refer you to exhibit A, the incorruptible
body of Carlo Acutis!
CURRENT ONGOING PHYSICAL PROOF GOD IS ALMIGHTY
INCORRUPTIBLE BODY OF CARLO ACUTIS DIED 2007 AT AGE OF 15
Look at the incorruptible body of the blessed Carlo Acutis who died at 15 in 2007. You can look at his body in Rome,
Italy, now 14 years after his death. He looks like he’s just asleep in his jogging suit and rubber shoes! That is a
perfect example of an ongoing sign on earth that the God of Moses, our God, my God, is almighty and all-powerful
that He even suspends the natural laws of biology and physics without any effort. He resurrected His one and only
beloved son from death on the cross. Indeed, He has power over death.
I have actually thought, “What would the other religions believe if they actually saw the incorruptible body of the
blessed Carlo Acutis? I think even Buddha, if he were alive today, would truly believe that Yahweh is the one True
God.” No need to think about reincarnation and nirvana because his incorruptible body is available for all to see in
Rome, Italy. We won’t need any kind of explanation on the efficacy of modern day mummification. Come on, man,
that’s all bull. The truth is in plain sight. Believe your own eyes that the one true God is all-powerful and His name is
Yahweh, “I am who am.” He is the alpha and the omega, the beginning and the end.
“ETERNAL FATHER, WE OFFER YOU THE BODY, BLOOD, SOUL AND DIVINITY OF YOUR DEARLY BELOVED
SON, JESUS CHRIST, OUR LORD AND SAVIOR, IN ATONEMENT FOR OUR SINS AND THOSE OF THE
WHOLE WORLD, FOR THE SAKE OF HIS MOST SORROWFUL PASSION, PLEASE HAVE MERCY ON
AMERICA AND THE WHOLE WORLD.”
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
or 1000 S. Fremont Ave., Mailstop 58 Building A-10 South Suite 10042 Alhambra, CA 91803.
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