Saturday, April 23, 2016

What is a Medical Bankruptcy?
Financial stress caused by the costs of medical care for an individual or family member is often a contributing cause for a bankruptcy filing.

Medical service providers are aggressive about collection their debts and will take credit card payments, or create the need for loans and borrowing beyond your means, or the use of specialized lenders often working in partnership with hospitals and other health care providers to offer “convenient health care financing”. 

When expensive medical treatments are involved, and insurance coverage is absent or inadequate, financial counselors at hospitals and other medical services providers will suggest a home equity line of credit or other ways to borrow money in order to prepare for payment of the anticipated medical bill.  When the services have already been provided and payment is not forthcoming, most medical service providers are aggressive about pursuing legal avenues of collection.

Because many expensive procedures are prepaid, or when they are not prepaid they are quickly collected by the service providers, medical bills often do not show up in the list of creditors filed with bankruptcy schedules when the debtor ultimately resorts to Bankruptcy Court relief.

Most people work hard to pay their bills.  Bankruptcy is not the first option for most debtors, it is often the last resort when all other options have failed.  Consumers will advance on their credit cards, borrow against their homes, borrow money from friends and family, and sell personal possessions before they resort to bankruptcy in order to settle their debts.

As a bankruptcy lawyer, I meet directly with clients and collect the information necessary to file their bankruptcy case.  My clients are often ashamed that they have been forced to resort to bankruptcy but often have no other option.  They are quick to tell me about the economic forces that compel them into this action.  In a large number of cases, it was an accident or illness, and the subsequent medical bills that caused the breakdown of family financial affairs.

For financial circumstances that are beyond your control and beyond your ability to pay, don't forget that the services of Dededo Law Office are available and ready to save you, your family with your home, your income and your property from financial disaster.  Ask me 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,

Monday, April 04, 2016

What bankruptcy will do is give you back up when you want to say NO to any family members or friends who continue to ask for money.

You know what I am talking about.  Your kids or adult children, parents, or friends who continue to hound you about money, and you just can’t say no to them. You try to say no, you know you should say no, but you just can’t bring yourself to say the word, no.  Why is that?  My clients feel incredibly guilty when saying no to just about anyone.

Guilt is a fascinating emotion that if allowed to exist unchecked, will lead to spending patterns that may lead to a bankruptcy filing.  Think about those people in your life who are stingy with their time or money; they have no trouble saying the word no even before you have finished the question.

People who say no value their time and resources and will choose very wisely on when, where and how they will spend these assets.  You too need to take a moment and learn the power of saying, NO.

It will not be easy as every action will have an equal and opposite reaction.  Meaning, as you become more comfortable with saying no to requests the more people will ask what is wrong with you or why are you mad at them. You are not being selfish for taking this stand but rather you are placing value on your time and financial resources.

How hard did YOU work to obtain your money?  Did you work 1-2 jobs?  Did you work overtime? Did you work holidays and weekends? Did you do without something you wanted or needed simply because you gave your money to someone who asked for “a loan”?  A loan that you have not seen the repayment even though it has been months or years since you initially gave them your money.  Now ask yourself, what is the person who is asking for money willing to do?

Have they tried to get a job? Any job?  If they have a job, are they trying to pick up extra hours?  Have they tried to sell something to make ends meet?  Have they offered to do a job for you as an effort to help out if you give them a loan?  We could go on and on, but more often than not, the answer is still going to be no.  Why?  Because they know you will feel guilty and eventually give them the money they requested.

Break this pattern of financial insanity and use your power of saying NO!  How does bankruptcy help you with this?  You tell whoever is asking for money:  No, I may not give you any money because my attorney and I have worked out a budget.  In this budget, there is absolutely no room for me to give you any money at this time.  You can even say you have signed the bankruptcy schedules under penalty of perjury of law, therefore, by giving them money you place yourself at risk for breaking federal law.  Finishing by informing them you rather not spend five years in jail for lying to the court.

Learning to say no is truly a power that will provide you with a lot of strength.  It won’t be easy at first but then learning to walk for the first time wasn’t easy either but today you can do it without thinking.

Analyze each request as to whether you can afford your time or finances.  Make a pro and con checklist to see if the pros outweigh the cons.  You will make two columns.  In the pro column, you will list all the reasons why the request is a good one and you might say yes.  In the con column you will list all the reasons the request is not a good one and therefore, the answer should be no.  In the analysis ask the question, what is this person willing to do to assist with the request? If the answer is nothing, your answer should immediately be no.  Otherwise, review the final work product and see which column has more answers that will be the way you should consider the request.

The practice of listing out the pros and cons will assist you in making an educated decision about answering any request.  The more you practice this technique the easier it will become.  Soon you will catch yourself running a pro and con list in your head as to whether or not the request is even worth considering.

Remember, knowledge is power.  The more knowledge you have about valuing your time, money and resources, the greater chance you will have to use your power of saying, NO!


Check out more valuable information about Guam's Laws and working with Mark Williams, Guam's Best Lawyer, on Dededo Law Office's website,