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.

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

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,

Saturday, July 08, 2017




              As an example, IRAs and 401K Retirement accounts are protected from creditors under bankruptcy law. (certain limits and conditions apply).   


              Most people want to pay back their family and friends and you can’t give preferential treatment to pay back your loved ones and not pay back your unsecured debt in bankruptcy.  Most people have good intentions and want to pay their debt; but this is not an effective way. 


              We realize that when people are over extended they look for ways to reduce their monthly expenses.  A lot of people make the mistake of paying off their auto loans or their mortgages (With their retirement no less!!) for ways to free up money to pay their unsecured debt.  Inside Bankruptcy there are exemptions (immunities) for your automobiles and real properties.  To help you better understand, IF you have a car that had a 10K balance at Bank XYZ and the value of the car is 11K, and if your exception (as an example only, not a true number) is 2K then your vehicle is an exempt asset.  IF you paid off your auto loan, then your vehicle is not exempt and you now have a 9K Asset (11K value minus the 2K exemption).

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