[COLUMN] Are you overburdened by debt?

Bankruptcy law has two basic purposes for individuals (as opposed to a business entity). The first is from the perspective of creditors. Bankruptcy law gives creditors a common venue to resolve collective action against an insolvent debtor. What does this mean? Imagine if you will, that you owe ten credit cards for a total of $50K, you got into a car accident where you injured the other party who claims $250K of damages while you made the mistake of getting only the minimum coverage of $30K for third party liability, you have your own medical bills of $20K that’s not covered by your insurance.

Hello omnicron

To top it all, as they say, when it rains, it pours. You went to a party last night and one of the attendants had just returned from S. Africa with the Omnicron variant and this guy sneezed in front of your face and you both were not masked, both of you thinking that the booster shot you had two months ago would make yourselves bulletproof against this nasty virus and all of it’s myriad variants because Pfizer and Moderna said so, unless of course, you have the unfortunate destiny of being in the 1% infection breakthrough statistic, which you did become part of the breakthrough statistic, you’re now having a very hard time breathing and so now your in ICU, intubated and on a ventilator thinking you just made the biggest mistake of your life going to that party last night. The grim reaper is knocking on your door. Picture that for a moment.

Sacred heart of jesus gives you your life back

So you pray like you’ve never prayed before as if your very life depended on it, because it does. And the Sacred Heart of Jesus, in its infinite mercy answers your prayers and gives you back your life! A week from now, you’re out of the ICU and sent back home to recuperate. Two weeks from now, your test is negative. You’re Co-vid free.

You get back to work on week three but don’t feel like working overtime anymore, since you’ve now concluded that life is just too short spending all your time just working and making money. You want more quality time with your wife and children.

Common venue in BK court for creditors

Three of the credit cards companies have filed lawsuits to collect $20K from you. The guy you injured in the car accident has filed his lawsuit to collect the $220K from you. Your insurance has offered to pay him policy limits of $30K. And the hospital where you did your surgery has sent the $20K you owe to their lawyer for collection.

If you file for Chapter 7 bankruptcy, all of your creditors will transfer their lawsuits to the bankruptcy court, instead of suing you in different superior courts, and await the outcome of your bankruptcy case. Your bankruptcy gives all your creditors a common venue where they just sit and wait for your discharge. They are required by law to stop all of their collection efforts and legal maneuvers and just shut up and wait.

The second purpose of bankruptcy law is from the perspective of the individual debtor. It provides a “fresh start” to individual debtors overburdened by debt.

Fresh start for debtor without accumulated debt

In the foregoing example, from the perspective of the debtor, it would be a good, wait not only good but great thing if he could start fresh again in life without debt, without the $50K of credit card debt, without the $250K of damages he owes to the injured party in the car accident, and without the $20K of medical bills. It would be great if he could start life again without the burden of all of these debilitating claims. Debtor needs $1500 a month just for minimum payments on the credit cards. Where’s he going to get $250K to pay the injured party? Should he liquidate his $250K of 401K to pay the injured party?

In Chapter 7, debtor will be able to keep his house (if equity does not exceed $600K, fair market value minus outstanding mortgages and liens on it, in LA county), keep his $250K of 401K intact, keep all his cars, all his furniture, in fact everything he owns, in most cases assuming exemptions apply, keep his job, in other words, debtor will keep all the good stuff while at the same time, GET RID OF ALL THE BAD STUFF, GET RID OF ALL DEBTS!

In effect, the individual debtor is given a “fresh start” in life without the burden of accumulated debt.

From something bad comes something good. God is in control

Don’t worry God has a good plan for you, even if something very bad has happened to you. God can and does use something done by the evil one to you to bring about something very good for you and other people. What does this mean?

Joseph is sold into slavery

In Genesis 50:20, the brothers of Joseph throw him into a well and sell him into slavery because they are jealous of him, being their father’s favorite. Their father is Jacob who is the grandson of Abraham, the father of the Israelites. Joseph is 17 years old when he is sold into slavery. He is brought to Egypt as a slave, but in Egypt, he is falsely accused of rape and is imprisoned for 13 years.

Clearly, the evil one has done a number on Joseph. But God gave Joseph the gift of interpreting dreams. The big boss in Egypt, the pharaoh keeps on dreaming about 7 fat cows, which are eaten by 7 thin cows. He’s going nuts trying to understand what this means. So he puts up a show, Egypt’s got talent, to see if anyone can interpret his dream. No one is able to give him the right answer. Finally, the chief butler of the pharaoh tells him that there’s this guy in prison who can interpret dreams, Joseph. The pharaoh summons Joseph to his palace.

7 Fat cows are eaten by 7 thin cows

Joseph tells the pharaoh that there will be 7 years of extreme abundance followed by 7 years of extreme famine. Then Joseph proposes to pharaoh that during the years of abundance the extra produce must all be stored in huge barns so that the stored produce will be used to feed the people during the 7 years of famine.

Joseph appointed CEO of Egypt

Pharaoh appoints Joseph as CEO of Egypt and in charge of the storing and distribution of produce. During the years of famine, the brothers of Joseph go to Egypt to get their ration of food because there’s no food anywhere. Joseph forgives his brothers and takes care of them.

So there you are, from something evil done to him, Joseph is elevated to become the CEO of Egypt and he is able to save the lives of many people including his brothers who sold him into slavery!

This is why Genesis talks about God’s plan for us, that He can turn something evil meant to harm us instigated by the evil one, into something good for us that helps not only us by many people. “As for you, you meant evil against me, God meant it for good in order to bring about this present result, to keep many people alive.” Genesis 50:20

God is truly awesome and all-powerful!

God’s plans are to prosper you not to harm you

Despite all your problems, you can rest assured that our God’s plans are to prosper you and not to harm you. “For I know the plans I have for you”, declares the Lord, “plans to prosper you, not to harm you, plans to give you hope and a future,” Jeremiah 29:11. What can be clearer than this that God loved as so that He sent His only beloved Son, Jesus Christ, who also loved us so, to die for us, to give us a chance to spend eternity with them in heaven. What an awesome and glorious plan for us underserving humans!”

Our God can and does wonders beyond our imagination. When you think all is lost, divine intervention springs out of nowhere to resolve your problems. “Do not call to mind the former things, or consider things of the past. Behold, I am going to do something new, now it will spring up; will you not be aware of it? I will even make a roadway in the wilderness, Rivers in the desert,” Isaiah 43:18-19.

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 chocolates, the biggest chocolate business in the world, also filed for Chapter 7 once before he became successful and a billionaire.

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 Joseph, 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.”

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

Disclaimer: None of the foregoing is considered legal advise for anyone. There is absolutely no attorney client relationship established by reading this article.


* * *

Lawrence Bautista Yang specializes in Bankruptcy, Business, Real Estate and Civil Litigation and has successfully represented more than five thousand clients in California.  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.

               (Advertising Supplement)


The Filipino-American Community Newspaper. Your News. Your Community. Your Journal. Since 1991.

Copyright © 1991-2024 Asian Journal Media Group.
All Rights Reserved.