Sunday, January 31, 2016

ROBBING PETER TO PAY PAUL?
Let’s Talk about Bankruptcy - Part 1

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.


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.- /www.bankruptcylawyerguam.com

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