GET A FRESH START!

GET A FRESH START!

Bankruptcy is a federal program that is designed to help you.  It doesn't 'make your name bad'.  It doesn't ruin your credit and prevent you from borrowing again, in fact in most cases your credit score improves! 

Bankruptcy eliminates or reduces your debt.

Stop your creditors harassment and start knowing that there is help for your overwhelming debt.  Attorney Mark Williams has over 20 years of experience in helping individuals and businesses; call us today to set up a free consultation.  Call 637-9620.







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.

OFFER IN COMPROMISE  (THE OIC)

The Offer in Compromise (OIC) is an IRS program that allows a tax payer (or business) and the IRS to negotiate a permanent settlement of delinquent federal taxes, penalties and interest for a fraction of the original amount.

If the offer is approved, federal tax liens are released and the tax payer (or business) is given a fresh start.

There are reasons a taxpayer and/or business get behind on taxes and the OIC is a useful way for the IRS to collect as much debt as possible under a single settlement.

Sound simple?  Its not.  Negotiating with the IRS is a brutal process.  They have absolutely no sympathy.  Its not a matter of just throwing any number out there and hoping they bite.  They are looking at everything; Its why you hire the professional lawyer.  Attorney Mark Williams is an expert in both bankruptcy and the OIC Program.  We aren't just looking at your tax debt, we're looking at full picture of the tax payer and their business and to get both, back on track.
 

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.

Wishing you all the Joy, Hope and Wonder of Christmas!

Wishing you all the Joy, Hope and Wonder of Christmas from The Law Office of Mark Williams!









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.

Rebuilding Credit After Bankruptcy – Understanding How Credit Scores are Calculated

The FICO Credit Score can range from 300 to 850.  Many borrowers may not even understand how their credit score is calculated.  Let's take a look:

Your FICO score is determined by the following percentages:

30% = Capacity
35% = Credit History
15% = Length of Credit History
10% = Mixture of Credit
10% = New Credit

Capacity: This is the amount of debt you owe.  This is an indicator of how you borrow money and your credit risk.  For example, if you have credit cards all pushing towards the maximum limit, your credit score is going to significantly drop.  If you have credit cards that are below 50% of your credit limit; your credit score is going to increase.

Credit History: This is your borrowing pattern.  If you have habitual late payments; it is going to show on your credit report.  Each time you are late for example it is going to show up on your credit report for 2 years. 

Length of Credit:  This is the age of your credit lines.  What is the oldest credit line you have?  Do you have numerous credit lines opened at one time; this could affect your score negatively if the debt you have acquired is new and numerous.  However, the longer you have had credit established, the better your credit score.  This is true even after bankruptcy because the year you originally began establishing credit (before bankruptcy) will still be notated on your credit report.

Mixture of Credit:  What type of credit trade lines do you have?  Do you have both secured and unsecured debt?  Your score improves, for example if you have had at least 2 secured trade lines (auto, house) and 2 unsecured trade lines (personal loans, credit card)

New Credit: This can actually affect your FICO score negatively.  Every time you have a institution pull your credit, your score will drop minimally 2 points.  This also stays on your credit report for 2 years.

This may look like a daunting task after you have been discharged from bankruptcy; but it is your fresh start and you can slowly rebuild your credit again like you once did before you began originally establishing your credit.  We are excited for you; it is a new beginning!


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.

Rebuilding Credit After Bankruptcy – Understanding Credit Scores

"As a Bankruptcy Lawyer, I have the firsthand understanding of the great benefits coming your way as a result of your decision to file for bankruptcy."  Regardless of the reason that lead you towards bankruptcy; the good news is that you now have a NEW beginning; a fresh start. 

In most situations, your credit score after bankruptcy actually improves.  One of the keys to rebuilding your credit can first start with understanding credit scores.  A credit score is a numeric statement which is presumed to describe your ability to manage your finances.

Credit scores can range from 300 to 850.  Financial Institutions measure that the higher the score, the lower the risk of their investment in you.  A credit score is generated by your past performance; and that past performance generates a score that is supposed to predict your ability to manage credit and your debt.

Bankruptcy is about cleaning up that past performance.  This is why after your bankruptcy is discharged; with a credit report that highlights your historical borrowing patterns; bankruptcy gives you a sweepingly fresh start – thus increasing your credit score when you begin your new patterns of borrowing.

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.

TOP 10 BENEFITS OF BANKRUPTCY - CHAPTER 7

TOP 10 BENEFITS OF BANKRUPTCY - CHAPTER 7

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 federal exemptions 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 7 bankruptcy.

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 court appearances. 

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 over in as little as 4 to 6 months.

10.       Start over more quickly. The fact that Chapter 7 is a straight bankruptcy; you can begin changing your financial habits and re-establishing your credit quicker than you’d predict.

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.

Slip-and-Fall accidents 

Are in Guam one of the most common accidents next to motor vehicle accidents. However, in most automobile accidents it is easy to determine who the at fault driver and this is not the case with most slip-and-fall accidents which occur in establishments for the public, such as grocery stores, restaurants, etc.. where it is not uncommon to find spilled liquid products or foreign objects on the floor.

As in any premises liability claim, one should do their best to document the circumstances of the injury and the defective condition that caused the injury. 

All property owners have a duty to maintain their property in a reasonably safe condition. Unfortunately, many businesses do not keep their premises safe. 

If you have fallen and have been injured on someone else´s property, you may claim reasonable compensation.  Attorney Mark has over 20+ experience in advocating our client’s rights in receiving the maximum settlement compensation.   

Call Now: 637-9620!

 


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