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.

BANKRUPTCY HELPS STOP WAGE GARNISHMENTS!

If you are thinking of filing bankruptcy due to a Wage Garnishment Order, In most cases filing bankruptcy will stop your future wages from being garnished and in fact it might be possible to get some of your garnished wages back!

But, the surroundings circumstances must be in your favor in order to get you wages back; specifically,

1.    The wages garnished must have been $600.00 or more within the 90 days prior to filing bankruptcy as you can only recover garnished wages from the 90 days preceding filing bankruptcy; and

2.    You can exempt the wages once they are returned to you.

Garnished wages needs to be listed on your schedules and then elected to be exempted. It is also very important to note that the garnished wages will not be returned right away. It will most likely take several months for you to receive your wages.

If the garnished wages have simply only been taken out of your paycheck and never sent to your creditor, then they should still be being held by your employer. If that is the case, then your employer should simply return the funds to you once they receive notice that you have filed bankruptcy. However, you will only be able to keep the funds if you are able to exempt them.

If your wages are currently being garnished and you are thinking of filing bankruptcy in order to stop the wage garnishment, contact the best Bankruptcy Attorney in Guam, today at the Law Office of Mark Williams by calling (671) 637-9620/1. Not only will Attorney Mark Williams help you file bankruptcy, he can also help you determine whether bankruptcy is right for you, and show you how he can help stop your wage garnishments.

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.

Myths of Bankruptcy

One of the most typical myth is that your credit rating will be so damaged that you will never secure a loan, or my name is damaged; this simply isn't true. 

Most people already have repayment problems, late payments, high balances, collection accounts and/or charge off accounts; this is what damages your credit rating. 

In most instances bankruptcy actually improves your credit score because these patterns of borrowing have been resolved.

You may not be able to bring your score up to the perfect 850 as long as your bankruptcy stays in your report, but with good credit management after filing, a score in the 700s is possible.

Bankruptcy can you give you a fresh start and with a few clever credit repair strategies, your score could be back in the 700s within two or three years after filing.

Here's some tips in how to raise your credit score after bankruptcy:

1. Damage Control

Make sure all the accounts you included in your bankruptcy are listed as such, and show $0 balances if you filed Chapter 7

2. Get New Credit Cards

After bankruptcy, if you can't get approved for an unsecured credit card, start out with a secured card. With a secured card, you will make a deposit with the credit-card issuer, which will in essence be your credit limit. Typically, after a year to 18 months of on-time payments, you could "graduate" to a regular, unsecured credit card.

3. Piggyback

If you have a trusted friend or relative, ask them to make you an authorized user on one of their credit cards. Your bankruptcy won't affect your friend's credit, but you'll automatically get the account history for that card in your report.

4. Bigger Loans

What about auto loans and mortgages? You can start shopping for auto loans as soon as a few months out of 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.