Sunday, March 11, 2018

TOO BROKE FOR BANKRUPTCY?

Thousands of people will soon get their tax refunds, and many will finally be able to afford the protection of their family, their paycheck and their property which they have needed for a long time, if not years:  bankruptcy protection

The number of bankruptcy filings usually jumps way up in March, when tax refunds go out, and stays high through April, and then declines.

The problem seems to be that bankruptcy often fails those it’s supposed to help.  People see that they are too broke to go bankrupt.  Filing costs money, as does hiring an attorney, which is the best way to make sure you actually get the debt relief you need.
“Bankruptcy is kind of a worthless solution if you can’t pay because you don’t have money,” said one man who lives in a tin-roof home in a rural area.  “The law isn't there to protect us.”
People say the same thing again and again: If they had $1,500 to pay an attorney, then they probably wouldn’t need to file bankruptcy in the first place!  This ignores the fact that the attorney’s fees are far less than the typical amount of debt that can be discharged in bankruptcy.

People who hire lawyers to help them file bankruptcy have their debts wiped away in almost every case, which is not true for most cases not filed by an attorney.  Those who file alone are often unsuccessful in wiping out their debts and make costly mistakes and miss out on rebuilding their credit scores and protecting their family, property and take-home pay. 

“If there was adequate access to our legal system for those who need it most,” a judge has said, vulnerable people with debt “would not be subject to the fraud artists who claim to be able to prepare bankruptcy without an attorney.”
Individuals can avoid most of the up-front costs of filing bankruptcy by filing under Chapter 13.  Unlike Chapter 7, Chapter 13 is a payment plan that usually lasts five years, and the fees, which are set by the court, are higher for a Chapter 13, but these fees can be paid over the 5-year plan.  And like Chapter 7, the protection against creditors is immediately when the case is filed. 

There are thousands of financially struggling households, many of which would benefit from bankruptcy protection and re-building their credit.  The reasons someone may or may not file for bankruptcy can be complex, and most of the information distributed to the public is wrong, or is sourced from the deep-pocket financial industry for which bankruptcy is the most hated of options, for only one reason:  it is the only option that can absolutely prevent the collection of your debt, because it is based on Federal Law, and so it is supreme over all legal claims and actions taken against you to collect dischargeable debt by your creditors.

The clear issue is affordability.  And so, if attorney fees are the concern, the good news is that there are options to take care of the issue of affordability.  Do not hesitate to talk to an experienced bankruptcy attorney for a free consultation to understand all of your options.


Attorney Mark Williams has over 22 years of experience in turning around people's financial situation.  He can help you too. #1 trusted bankruptcy attorney in Guam.  The Law really is on your side.

Check out more valuable information about Guam's Laws and working with

Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com                




Tuesday, February 20, 2018


Bankruptcy And Car Loans

Personal bankruptcy offers a number of options to address an “too expensive car” problem.


If you’re already in arrears the easiest choice would be to use the power of bankruptcy to cancel contracts and surrender your vehicle back to the lender. In a Chapter 7, any deficiency balance will be discharged as an unsecured debt. 

However, the good news is that under a Chapter 13, any deficiency balance will be paid as an unsecured debt, often at pennies on the dollar – and only if the lender bothers to file a proof of claim as required.

There are several other tools available in a Chapter 13 bankruptcy. 

For example, if you want to keep your car without the "too expensive" loan, then another option would be to restructure the car loan as part of a Chapter 13. 

If your car loan was originated more than 910 days (about 2 ½ years) prior to filing, a Chapter 13 "cram-down" this can allow you to modify the interest rate, reduce the principal to the blue book value of your car, and extend the term for 5 years, all of which has the effect of lowering your car payment, and if you owe substantially more than the value of your vehicle, or if your interest rate is much higher than the market interest rate, this "cram-down" can save you thousands of dollars!

If you cannot restructure the car loan, another Chapter 13 tool available would allow you to reduce your monthly payment by including the unpaid balance in your Chapter 13 plan, and setting a monthly payment that fits your budget.
Obviously, the decision to file a Chapter 7 or Chapter 13 should be made in consultation with an experienced bankruptcy lawyer and with full knowledge about how bankruptcy will impact you.  But if you have one or more car loans that are causing you problems with payments, you should learn about and consider all of your legal options.

Attorney Mark Williams has over 22 years of experience in bankruptcy.  He can help you too. #1 trusted bankruptcy attorney in Guam.  The Law really is on your side.

Check out more valuable information about Guam's Laws and working with

Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com                


Wednesday, February 07, 2018

Car loans are our most expensive purchases next to a home loan. According to an article in USA Today, the average cost of a new car or truck is $33,500.  Due to lenders now extending car loans to 72 months or longer, when you factor in interest rates, you can easily find yourself responsible for $40,000, $50,000 or more.

Despite popular belief, cars are not an investment asset the reason is because vehicles do not appreciate, they always depreciate.  In many cases if you finance a vehicle over 60 months, you may actually owe more on your auto loan than the vehicle is worth. 
When a vehicle is underwater (owe more than the value of an asset) the loan can't be eliminated by simply selling the vehicle.

A great example of this type of situation that could cause a calamity would be in the event of a car accident, where a car is "underwater", not only do insurance premiums rise due to an accident claim, but typically insurance benefits are based on the replacement cost, or blue-book value,  and not the higher loan balance, so that a car loan which is "underwater" results in you having a balance to pay for a car (which you no longer own after the car has been destroyed in an accident)!
Unexpected changes in income due to a job loss or change in the family, illnesses, "underwater" insurance payouts after an accident, or any number of other factors could turn that car loan into a major financial headache.

Bankruptcy and Car Loans


Personal bankruptcy offers a number of options to address this “underwater car loan” problem.
The easiest choice would be to use the power of bankruptcy to cancel contracts and surrender the vehicle back to the lender.  This is only possible in bankruptcy, because any remaining loan balance would be subject to elimination, or discharge.  Outside of Bankruptcy, you would still owe the "underwater" portion of the car loan balance.

Another option would be to use Chapter 13 of the Bankruptcy Code to restructure a car loan for a vehicle you wish to keep.  
Chapter 13 can often allow you to lower your car loan expense by reducing the principal and lowering the interest rate, and extending the loan term up to an additional 5 years. 

Depending on the balance of your car loan, this strategy can save you thousands of dollars.
Obviously the decision to file bankruptcy should be made in consultation with an experienced bankruptcy lawyer.  However, if you are having problems with car payments, you should certainly learn about and consider all of your bankruptcy options.  

We can help - Ask us how!







Check out more valuable information about Guam's Laws and working with Mark Williams, Guam's Best Lawyer, on Dededo Law Office's website, www.GuamLegal.com. http://www.injurylawyerguam.com/  http://bankruptcylawyerguam.com/

Monday, January 22, 2018

STOP ROBBING PETER TO PAY PAUL


Most people think of Bankruptcy as the end of their financial borrowing life.  We've heard, "Oh, I won't be able to buy a house or a car or get loans again".  This simply is not true.  Bankruptcy is a federal program that is designed to help you.  It's about protection; you just have to file the right chapter that is going to be most beneficial to you.  Attorney Mark Williams can help you; he's been helping people and businesses get financially on track for over 25 years; he can do the same for you.

WHAT ARE THE DIFFERENT TYPES OF CHAPTERS IN BANKRUPTCY?

Most commonly used are Chapter 7, 11 and 13

Chapter 7 is probably the most commonly used of all 3 mentioned because it is considered a 'straight' bankruptcy and because it causes the greatest amount of debt relief.  


Chapter 11 is usually used by corporations or big businesses; although individuals can also file for Chapter 11.  With Chapter 11, there are no liquidation of assets and removal of debt; rather, the debts and assets are reorganized into a repayment plan.  If you own a business, under Chapter 11 you can continue operation.


Chapter 13 is for individuals; it is similar to a debt consolidation, but is done through a court system; but most importantly it protects your home, your retirement and belongings to say the least.

Call now at 637-9620.  Consultations are free. 


Attorney Mark Williams has over 22 years of experience in protecting the rights of injured victims.  He can help you too. #1 trusted bankruptcy attorney in Guam.  The Law really is on your side.


Check out more valuable information about Guam's Laws and working with


Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com                


Sunday, January 14, 2018

Financial First Aid

Many people do not want to think about financial burdens and problems as they go into the New Year.  Even as people start creating their new budgets for the year at hand it may become clear that there isn’t enough money to go around.  Anxiety can creep in at that point and individuals start thinking about second jobs and the longer they think about that, they realize they’ll never see their families or wonder how would anyone be able keep up with that kind of schedule.

We’re here to tell you there is Financial First Aid.  Bankruptcy isn’t what your Momma told you.  Bankruptcy is a federal program that is designed to help you.  It doesn’t take away all your assets.  It doesn’t stop you from borrowing for 7 years.  It doesn’t ruin your name, etc.

Let us tell you what it really does.  It can give your life back.  It can help you get your finances under control and in some cases, improve your credit score.

We’ve heard people say, ‘I made my bed, I gotta lie in it’.  This is just wrong thinking.  Bankruptcy isn’t about people not being responsible; its about people needing a helping hand.

At The Law Office of Mark Williams, we will be your helping hands.  Give us a call, the consultation is free and you’re going to get some good information about what Bankruptcy is really all about.  Call 637-9620.  There is a solution.

Attorney Mark Williams has over 22 years experience in turning around people's financial situation.  He can help you too. #1 trusted bankruptcy attorney in Guam.  The Law really is on your side.

Check out more valuable information about Guam's Laws and working with

Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com                




Monday, October 23, 2017

Why Credit Repair Companies Are a Rip Off

Beware of this rip off

I have a very important warning for you. There is a hot rip off that is booming all across the country that can take you from a difficult financial situation and dig you deeper into a hole. Here’s how it works. There are thousands of organizations, companies, whatever you want to call them that claim that they can clean your credit.

That whatever bad stuff is on your credit report, late pays, collections, charge-offs, that they can magically make that stuff go away and give you a pristine clear credit report. It is a big fat lie. And in fact, it is illegal in several states. What they’re doing is they’re barraging the credit reporting agencies with dispute letters that temporarily for a very short window will clean your report and then all the bad information comes back, in the meantime you pay them hundreds or thousands of dollars that will be better used in your life.  Source: http://clark.com/personal-finance-credit/bankruptcy/why-credit-repair-companies-ar/

Bankruptcy Can Offer True Relief

After Bankruptcy, most people's credit scores begins to improve.  After the discharge of your bankruptcy you can begin to start rebuilding your credit.  Before filing bankruptcy there are often several different damaging dings on a credit report from different lenders; all with different time stamps running before they can be removed. It is very difficult to improve your credit score when you still have delinquent debts or negatives on your credit report.

It is very important to understand that once a bankruptcy discharge is granted, a new time period starts running and everything positive that occurs from that point will increase your credit score and bankruptcy will actually provide true relief from your unsecured debt.


Check out more valuable information about Guam's Laws and working with
Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com

Monday, October 09, 2017

The good thing about bankruptcy


Bankruptcy rates spiked during the 2008 recession and many were pretty judgmental toward the millions who couldn't afford to pay their bills.

But Suze Orman says bankruptcy is the better option over burying your head in the sand. "When somebody really doesn't have money to pay their bills then they should claim bankruptcy and face it right on and start all over again," says Orman.

Many people heeded this advice over the past five years. In 2008, bankruptcy filings jumped 32 percent to 1.1 million and in 2012 the filings jumped to 1.3 million. However, in June 2013, the U.S. courts reported filings closer to the early recession era at around 1.1 million.


Record-breaking filings have some at odds with Orman's advice. "Many gripe when I tell someone to claim bankruptcy," says Orman. "But what if you've got all this credit card debt, mortgage debt and car loans, and you just stop paying all these things because you just don't have the money?" asks Orman of her naysayers.

She points out that there's really not much difference and the alternative to filing may be far worse.

"If creditors sue and win they have the legal authority to garnish wages or put liens on your home," says Orman.

She says it's better to take "the legal route that is claiming bankruptcy, to let your creditors know that you really can't afford to pay it."




Check out more valuable information about Guam's Laws and working with

Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com