Best Bankruptcy Lawyers in Guam

About Bankruptcy Law in Guam:

Bankruptcy law in Guam allows individuals and businesses to seek relief from overwhelming debt and reorganize their financial affairs. The process involves filing a petition in court, which may result in the discharge of certain debts or the creation of a repayment plan.

Why You May Need a Lawyer:

While it is possible to file for bankruptcy without legal representation, hiring a lawyer can make the process smoother and increase the likelihood of a successful outcome. A lawyer can provide guidance on the different types of bankruptcy, help navigate the complex legal procedures, and protect your rights throughout the process.

Local Laws Overview:

In Guam, bankruptcy laws are governed by the Bankruptcy Act of 1988, which outlines the procedures for filing bankruptcy petitions, liquidating assets, and reorganizing debt. Additionally, Guam follows the federal bankruptcy laws set forth in the United States Bankruptcy Code.

Frequently Asked Questions:

1. What are the different types of bankruptcy in Guam?

In Guam, individuals can file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 involves creating a repayment plan to pay off debts over a period of time.

2. How will filing for bankruptcy affect my credit score?

Filing for bankruptcy can have a negative impact on your credit score, but it also provides an opportunity to start fresh and rebuild your credit over time.

3. Can all debts be discharged in bankruptcy?

Not all debts can be discharged in bankruptcy. Debts such as child support, alimony, and certain tax obligations are typically not dischargeable.

4. How long does the bankruptcy process typically take in Guam?

The time it takes to complete the bankruptcy process in Guam varies depending on the type of bankruptcy and the complexity of your case. Chapter 7 bankruptcies typically take a few months to complete, while Chapter 13 bankruptcies can take several years.

5. Will I lose all my assets if I file for bankruptcy?

While some assets may be liquidated in a Chapter 7 bankruptcy, many assets are exempt from liquidation under Guam law. Additionally, in a Chapter 13 bankruptcy, you can keep your assets while following a court-approved repayment plan.

6. Can I file for bankruptcy more than once?

You can file for bankruptcy more than once, but there are restrictions on how often you can receive a discharge of debts. It is essential to consult with a lawyer to understand your options.

7. Will I have to go to court if I file for bankruptcy?

You will likely have to attend a meeting of creditors, also known as a 341 meeting, where you will be questioned under oath by the trustee. In some cases, you may need to appear in court for additional hearings.

8. Do I need to be insolvent to file for bankruptcy in Guam?

While being insolvent is a common reason for filing bankruptcy, it is not the only requirement. You must meet certain eligibility criteria set forth in bankruptcy laws to qualify for relief.

9. Can my employer fire me for filing bankruptcy?

It is illegal for employers to discriminate against employees for filing bankruptcy. Your employer cannot fire, demote, or otherwise penalize you for seeking bankruptcy relief.

10. How can a lawyer help me with my bankruptcy case?

A lawyer can assist you in determining the best type of bankruptcy for your situation, guiding you through the legal process, representing you in court hearings, and ensuring that your rights are protected every step of the way.

Additional Resources:

If you need legal assistance with bankruptcy in Guam, you can contact the Guam Bar Association or seek advice from the United States Bankruptcy Court for the District of Guam. These resources can provide valuable information and connect you with experienced bankruptcy attorneys.

Next Steps:

If you are considering filing for bankruptcy in Guam, it is essential to consult with a qualified bankruptcy lawyer to discuss your options and develop a strategy that best suits your financial needs. A lawyer can help you navigate the complexities of bankruptcy law and guide you through the process to obtain the debt relief you need.