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:

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.

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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."

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Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites:          

Monday, October 02, 2017

VOTES ARE IN: Guam’s Best Law Office: Law Offices of Mark Williams, P.C!

VOTES ARE IN: Guam’s Best Law Office: Law Offices of Mark Williams, P.C!  Thank you Guam!
The Law Offices of Mark E. Williams, P.C. offers a wide range of practices to best serve the people of Guam.

From bankruptcy to personal injury claims to immigration to wills and trusts, this year’s Pika’s Best Law Office have the experience and knowledge to make sure their clients receive justice.

Williams extended his sincere gratitude in being selected at Pika’s Best Law Office. His office’s special attention to their client’s legal issues ensures that the office practices a “client focused approach.”

The office invites you to visit their location in Dededo to see what they can do for you.

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

Sunday, September 10, 2017


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!

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Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites:                 

Tuesday, September 05, 2017


Debt Settlement Services are not as consumer-friendly as the industry presents it:

• One woman didn’t realize she would face a tax bill on her forgiven debt.

• Another man opted against bankruptcy in part because he erroneously thought he would lose his personal possessions (wrong).

• Another woman was shocked after enrolling in Debt Settlement Services, at how far her credit scores tumbled and how much interest she was charged when she applied for a new car loan, and the negative impact on her credit report extended for years, as is typical with the process of completing a debt settlement program.

Where debt settlement falls short

Here are some of the biggest problems with debt settlement:

Negotiations can take years. Customers are told to stop paying their credit cards, loans and other debts and funnel money instead into a savings account. Freedom Financial Network, the nation's largest debt settlement company, says half of its customers eventually settle at least 75 percent of their debt, but the process usually takes three to four years!  During this time, customers endure the constant risk of being sued over their debts.

The math often doesn’t work. Debts are reported to be settled for 45 percent to 50 percent of the current balance, however this is misleading because this amount is often higher than the initial balance, because of late fees, penalties and interest.  On top of this problem, the typical debt settlement fee is 20 percent of the debt at the time of enrollment. 
On top of all that, the forgiven debt is reported to the IRS as taxable income! 

This means that when the Debt Settlement Program is done, with inflated balances, and a 20% fee charged by the Debt Settler, a consumer in a 25% tax bracket can expect to pay about 90% of the original debt balance owed, and this is considered a successful result!  However, the successful result is only in the pockets of the Debt Settlement provider, which is profiting from consumers' credit problems!

Many debt settlement companies actually spread false information about bankruptcy.  National Debt Relief, another large debt settlement company, claims on its website, “Declaring Chapter 7 bankruptcy may mean saying goodbye to most of the assets that you’ve accumulated over the course of your life.” In reality, very few people who file for Chapter 7 lose any assets at all, and instead erase most if not all of their debts in two to three months.

Debt Settlement companies also claim that bankruptcy is harder on credit scores. In reality, credit scores begin to recover immediately after bankruptcy. The main difference, of course, is that Chapter 7 bankruptcy typically takes months, while debt settlement typically takes many years.  Plus, only bankruptcy halts any collection activity, including lawsuits, garnishments, and foreclosures.

When it comes to cost, effectiveness, and rebuilding credit, “the one option that shines above all the rest is bankruptcy,” says Steve Rhode, a former credit counselor. “It’s the cheapest and fastest and the best way to rebuild your credit" and deal with creditors and your debts, and protect you and your families' property.

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

Monday, August 28, 2017


Bankruptcy protects what you’ve been building and working hard for.  The following is a list of reasons you should consider consulting about Bankruptcy with Attorney Mark Williams:

1. Your wages are being garnished.
2. You can’t make the minimum payments on your personal loans or credit cards.
3. You’re inside the infamous ‘Robbing Peter to Pay Paul’ cycle or continuously borrowing money or living off of your credit cards.
4. You’re behind on your mortgage or your mortgage company has threatened or started the foreclosure process.
5. You owe Uncle Sam (owe taxes)
6. Your investment properties are upside down.
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:                

Sunday, August 20, 2017

Do we need to Consider Bankruptcy?

Bankruptcy may be your best solution if:

• Your debts total more than half your annual income.

• It would take five years or more to pay off your debt, even if you took extreme measures.

• Your debt interferes with other aspects your life, such as your relationships or your ability to sleep.

Over 22 years of experience - We can help!

Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites:

Monday, August 14, 2017


Bankruptcy stops collection calls, lawsuits and wage garnishments. It erases debt. And despite what you’ve heard, bankruptcy may help your credit scores.
Credit bureaus, Collection Agencies and financial institutions often say bankruptcy is the single worst thing you can do to your credit scores.  However where you may already have repossessions, charge-offs, lawsuits and collection activity on your report, you usually have nowhere to go but up with your credit score.  And the reason those in the financial industry, bankruptcy say that bankruptcy is the single worse thing you can do is only because bankruptcy is the only thing that will really stops collection activity once and for all!

Therefore, because most people struggle so long with their debt that their credit is already battered by the time they file for bankruptcy, once they do file bankruptcy, their scores typically rise, not fall!.  

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Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites:                

Monday, August 07, 2017

Freedom from certain debts

Chapter 7 bankruptcy wipes out many kinds of debt, including:
· Credit card debt.
· Medical bills.
· Personal loans.
· Civil judgments (except for fraud).
· Past-due rent.
· Past-due utility bills.
· Business debts.
· Some older tax debts.

Some debts, including child support and recent tax debt, can’t be erased in bankruptcy. But if your most of your other troublesome debt can be discharged, then erasing these other debts could give you the room you need to repay what remains.

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Sunday, July 30, 2017

Consider Bankruptcy

Saving your credit score is only one of many reasons to Consider Bankruptcy

Credit scores aren’t the only aspects why you should consider in filing bankruptcy.
Its an end to collection h-e-double hockey sticks!: Nosal’s study cited above found that once people fell seriously behind on their debt — with at least one account 120 days overdue, for example — their financial troubles tended to get worse. Balances in collections and the large percentage of people with court judgments grew.
People who finally utilize the government program to file for bankruptcy benefit from the “automatic stay,” which stops almost all collection efforts, including lawsuits and wage garnishments. If the underlying debt is erased, the lawsuits and garnishment end and in a lot cases, debt free.

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Saturday, July 22, 2017

Stop Digging Your Hole Further!

STOP throwing your good money after bad debt trying to escape that proverbial hole you find yourself sinking in.

Typically, by the time people realize that they need to consider bankruptcy, the damage is far more severe that it would have been otherwise necessary.  We’ve seen people drain their assets and retirement accounts that could have been protected from creditors inside bankruptcy.
Most of us feel we have a moral obligation to pay what we owe and even mistakenly believe the Bible requires you to pay debt in full even if it takes the rest of your lives (see Deuteronomy). 
Unfortunately, people continue to try to chip away debt-little by little-penny by penny, on debts that they are never going to be able to repay in their lifetimes, prolonging the destruction that happens when people find themselves a position of being ‘in over their heads’.  They divert money that could have been used to support themselves in retirement or even to be able to take of their family now.
There is a purpose for bankruptcy.  Its designed for relief. Its designed to protect or even an allowance to walk away from an impossible situation.
Shockingly, even in this day and age, people still continue believe the myths reported by the financial industries, like their credit will be ruined! (That is definitely false! It does the opposite!)
Our office has been helping people in bankruptcy for over 22 years.  We will enlighten you to understand benefits and the helpful effects of filing bankruptcy.

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

Saturday, July 15, 2017


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,