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no question that he needs to get rid of the $50,000 credit cards if he wants to keep his $1,800 of disability income intact for rent and necessities. He quickly decides to obtain Chapter 7 relief for a fresh start and wipe out the $50,000 of credit cards.

Senior needs Chapter 7 relief for $30K credit cards

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Another senior is a little older. He’s 74. He owns a house with an equity of $200,000. As I said earlier this year, if you live in LA, the size of the equity will be completely exempt from bankruptcy up to $600,000. Some people think there’s a three-year waiting period or residency requirement. No, there’s no 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 $600,000. Maybe you just bought it yesterday. That’s fine. No problem.

Debtor now receives $1,600 of social security. His wife still works and makes $3,000 a month. He owes $30,000 of credit card debt. He needs $1,000 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-vaxxer and antimasker, 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.

* * * Disclaimer: None of the foregoing is considered legal advice. Each case is different.

* * * 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)