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Credit Card Calculator: Achieving a Zero Balance
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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
At Acclaim Legal Services, our goal is to help our clients achieve financial freedom. Typically we tell clients that if they can reasonably pay off all of their unsecured debts (credit cards, medical bills, personal loans, etc) within a 2-3 year period, then may not need our assistance. We simply encourage them to set up an achievable budget and stick to it.
If you can’t pay off your unsecured debts within a 2-3 year period, you may want to consider getting assistance to achieve this goal. We offer a free consultation to determine whether you have the income available to pay your creditors back, even at a reduced rate, or whether it is better just to wipe the slate clean with a Chapter 7 debt elimination program. Call one of our qualified attorneys today at 866-261-8282 to discuss your options over the phone or at one of our convenient office locations in Detroit, Ann Arbor, Dearborn, Southfield, Flint or Warren, Michigan.
How do I know what is right for me?
Each program provides different benefits. Both programs promote long-term financial freedom and stability.
The advantage of a Chapter 7 is that it is a clean break and a quick solution. If you are overwhelmed by debt and unable to make headway each month, the Chapter 7 may simply give you a fresh start. Within 3-5 months you are totally free from all of your unsecured debts with a court discharge and free to begin a new financial start and re-establish your credit.
The benefit of a Chapter 13 is that we can set up standardized repayment terms with all of your creditors in order to achieve freedom from unsecured debts within a 36 – 60 month time period.
All unsecured debts (such as credit cards, medical bills, personal loans, old utility bills, loan deficiency debt, etc) are paid back at 0% interest. This means that your monthly payments go straight to the principal debt.
In addition, the program only requires that you make your “best efforts” towards the unsecured debts over the course of the plan. Whatever is not paid is discharged or legally eliminated at the end of the program.
The program offer other unique benefits such as the ability to:
Remove a second mortgage or home equity loan;
Stop a home foreclosure;
Halt a vehicle repossession or get the vehicle back before it is sold at public auction;
Legally stop creditor actions such as judgments, wage garnishments, utility shut-offs and all creditor calls;
Reduce the principal balance of what you owe on a rental property to own free and clear in 3 – 5 years;
Improve your credit by reducing your debt-to-income ratio and restoring timely payments to your creditors. These two factors alone influence 65% of your credit score according to FICO.
Both programs offer other advantages and benefits. We offer free consultations to evaluate your total financial situation and provide you with a recommendation on your best course of action to achieve financial freedom.
We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in Detroit, Southfield, Dearborn, Flint, Ann Arbor and Warren, Michigan. Please call us toll free at 866-261-8282 or click here to schedule a consultation right now.
How Can We Help You?
Contact us now to speak with an experienced debt resolution attorney. We offer same days appointments and legal protection.
The team we worked with at Acclaim has been very helpful. They are very responsive and are always ready to help. There has been no disruption and my attorney is always very straight forward with his responses. My questions and concerns are always answered via email or telephone. I will definitely…
Sam and Michelle
(Ann Arbor, Michigan)
I would like to take a moment and recognize our attorney and his team. They were very accommodating and courteous throughout our entire Chapter 13 process. When we had a question we would email them or call and they would promptly get back to us with an answer. We came into this terrified and not…
Dan and Susan
(Farmington Hills, Michigan)
Dear Julie, Thank you for the follow-up on our home foreclosure situation. We managed to borrow the money for our relatives to pay the reinstatement fee. Although it was very embarrassing, we felt it was the best course of action. I would like to thank you for all your help. We did talk to a couple…
Jessie and Ann
I wanted to let you know about your staff and the support they all showed my wife and myself.
From our first meeting with William in his office to Cindy answering all our questions and time spent on the phone many thanks to her, along with Chris looking after our case too.