[COLUMN] Senior seeks Chapter 7 relief from $60K credit cards

YOU never know what life brings. That’s why you need divine protection from the adversities that life brings us.

I told you time and again to pray the rosary and Psalm 91 for divine protection. We all need divine protection. We all know that we are all on this earth temporarily, just for a short period of time. When our time is up, then we turn back to dust. Only our skeleton remains. Death is the great equalizer. No matter how great or how wealthy you are you are no exception.

Let’s go back to the client. She is almost 80. Her income was $100,000 a year up to last year from a combination of jobs. Yeah, she was exceptional in making money up to last year when the pandemic hit. She lost three jobs so now she’s only receiving $2,000 of social security, and about $500 of pension. Of course, $2,500 a month of retirement income is good. But she owes $60,000 of credit cards that require $1,800 of minimum monthly payments to be current.

Well, that’s not good because her main income is the $2,000 of social security. That eats up almost 100% of her social security. It’s like she got robbed of her social security at retirement. You don’t have to be a scientist to know that client is in a very bad place financially. She should not be in this precarious situation at her age. It’s not good to have to use your social security to keep your credit card masters happy when your 80, or at any age, for that matter, right?

She still owns a business, which needs to be exempted in Chapter 7.

Fortunately, it passes the exemption test. She gets to keep the business. She does qualify for Chapter 7 and does not hesitate to choose Chapter 7 to wipe out her $60K of credit cards. She will get a fresh start in life at the age of 80. It’s not that bad because as the Bible says in Genesis, human life span is 120 years. So, if all goes well and she survives this pandemic, she still has 40 years to go. She hasn’t slowed down by any means. She’s getting married again in Bali right after she gets her Chapter 7 discharge! How can she do this? That’s because she already got her second dose of Pfizer last week and no side effects. Thanks to Blessed mother Mary, God the Father, the Son, Jesus Christ, and God the Holy Spirit!

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

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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.

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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.

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