TOP 6 REASONS TO CONSIDER CHAPTER 13 BANKRUPTCY

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: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com                

 

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: www.guamlegal.com www.bankruptcylawyerguam.com www.injurylawyerguam.com

BANKRUPTCY STOPS COLLECTIONS, LAWSUITS AND WAGE GARNISHMENTS!!

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!.  

 

Check out more valuable information about Guam's Laws and working with

Mark Williams, Guam's Best Lawyer, on Dededo Law Office's websites: www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com                

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.

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 www.bankruptcylawyerguam.com  www.injurylawyerguam.com

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

Dededo Law Office's website, www.guamlegal.com www.bankruptcylawyerguam.com  www.injurylawyerguam.com

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, www.GuamLegal.com.

REDUCING CAR PAYMENTS IN BANKRUPTCY

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, www.GuamLegal.com. http://www.injurylawyerguam.com/  http://bankruptcylawyerguam.com/