[COLUMN] There’s a right time to file for bankruptcy

HOW do I know that there’s a right time for you to file for bankruptcy and I am 100% sure of this? Well, I refer you to the Bible Ecclesiastes 3:1-8:

“For everything there is a season, and a time for every matter under heaven:

A time to be born and a time to die; 

A time to plant, and a time to pluck up what is planted;

A time to kill and a time to heal; 

A time to break down and a time to build up;

 A time to weep, and a time to laugh;

A time to mourn and a time to dance; 

A time to throw away stones and a time to gather stones together; 

A time to embrace, and a time to refrain from embracing;

A time to seek and a time to lose; 

A time to keep, and a time to throw away; 

A time to tear, and a time to sew; 

A time to keep silence and a time to speak; 

A time to love and a time to hate; 

A time for war and a time for peace”

So, there is a right time to file for bankruptcy too if you need relief from accumulated debt. In 30 years of representing debtors in bankruptcy, I know that some clients just cannot decide when they should get bankruptcy relief and if they should file for it.

Probably, this group of clients represents about 2% of all of my clients. Since I have handled over 5,000 debtors in the past, 2% is about 100 clients who are indecisive. Some of them will say that they still want to pay a portion of what they owe even if they qualify for Chapter 7discharge and do not have to pay anything. Frankly, I don’t have any idea except possibly they have a psychological block about filing for bankruptcy as if it’s not a good thing.

If they want to pay a portion of the debt that they owe, then I guide them into Chapter 13 where they pay a portion of their debt over five years, or three years if the trustee does not argue lack of good faith in proposing a three-year plan. In reality, no trustee will forego this argument unless debtor has cancer or some other debilitating illness that prevents debtor from having a normal life.

As I have said many times before, even Walt Disney filed for Chapter 7 twice before his Disney business became a global success, and Milton Hershey of the chocolate empire that makes among others ‘Reese’s pieces,’ Hershey’s chocolates and other very well know candies, also filed for Chapter 7. These very successful business people decided at some point in their lives that it was time for them to file for bankruptcy because they had too much accumulated debt.

If you have too much debt and need 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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