Tuesday, July 24, 2018

Waiting to file Bankruptcy can hurt you

By the time most people declare bankruptcy, their well-being and peace of mind, and financial life are all damaged, including family relationships, undermining the fresh start the law offers to those with debts beyond their ability to pay.

The time a person waits before filing bankruptcy is sometimes known as the financial “sweatbox.” According to a 2018 Notre Dam Law Review Study That’s the period when people are facing loss of assets including homes, wages and retirement funds, debt collection lawsuits and forgoing basic necessities like food to avoid filing bankruptcy.

Some people look at bankruptcy as financial and personal failure.  Often health and peace of mind and retirement funds are wasted in the attempt to pay debts which are beyond the ability to pay. And creditors will collect every penny, that is their job. Our job is to help you. Please understand that the improvement to Debt-to-Income ratios and elimination of derogatory credit reporting resulting CAN give you the higher credit scores, EVEN WITH bankruptcy on your record.



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.

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