Mark Williams is Guam's Best Lawyer. The Law Offices of Mark E. Williams, P.C., dba Dededo Law Office, is a full-service law firm committed to protecting the legal rights of our clients. Our firm has a broad-based practice with an emphasis on family law, bankruptcy, immigration, injuries, and insurance claims, probate, wills and trusts, corporate and business organization, and criminal defense.
1. Stop Creditor’s Harassing Calls. Creditors call at almost all times of the day and night and the weekend as well; they intentionally look for inconvenient times to add additional pressure on the debtor. The automatic stay in
bankruptcy law makes it illegal for creditors to
continue those calls or any other form of harassment the moment you file for bankruptcy.
2. Keep your house and car. A myth of Chapter 7 bankruptcy is that you will lose your belongings. As long as
you don’t have too much equity in your
home, you keep the house (otherwise you'd file Chapter 13 in order to protect an abundance of equity). Bankruptcy is about protection and Attorney Mark Williams can help you with which Bankruptcy Chapter is best suited for you.
3. Protect most of your household
possessions. The state and federalexemptions that block what a bankruptcy
trustee can seize typically cover all household
goods and tools of a trade. Even if you have valuable jewelry or electronics, they often are not seized
because of their age and condition. In fact, in
90 percent of all Chapter 7 cases, no property at all is seized.
4. Wipe away unsecured debt. The amount you owe on credit cards or any debt (that is unsecured) can be
completely liquidated if you qualify for Chapter
5. Help with secured debt. With no more unsecured debt, paying the monthly mortgage and car note becomes much easier
again. For many debtors, spiraling unsecured
debt eventually makes it impossible to pay all creditors every month; our debt relief agency with Attorney Mark Williams can help you with that!
6. You Can Qualify. There is an income limit with Chapter 7 which is determined through a Means Test. That’s a process to determine if
you have any leftover income at
the end of the month to pay unsecured creditors. Notwithstanding our salary, if there is little or no
money left over at the end of the month,
you may qualify for Chapter 7 bankruptcy.
7. You may never see the bankruptcy judge. Under the Chapter 7 process, there is one mandatory appearance before the
bankruptcy trustee during the creditor’s meeting.
While it’s possible questions from the trustee or creditors could lead to a hearing before in bankruptcy court, the
overwhelming majority of cases do not involve
8. Take a deep breath. While you wait to find out if you qualify for Chapter
7, you have the opportunity to
relax a little from the financial pressures. The automatic stay stops any harassing calls and you do not
have to pay your unsecured creditors
while in bankruptcy.
9. Fast and easy. If there are no complications, a Chapter 7 bankruptcy
case can be overin as little as 4
to 6 months.
10. Start over more quickly. The fact that Chapter 7 is a straight bankruptcy; you canbegin changing your financial
habits and re-establishing your credit quicker than