A Helping Hand For Michigan Families
Over 50 years of combined legal experience advocating debt resolution for our clients.
We look forward to earning your trust.
When are You Officially Bankrupt?
This may sound like a question with an obvious answer - you are bankrupt when you file for bankruptcy, right? We don't think it is that simple. It may depend on how you look at or define bankrupt vs. bankruptcy. At Acclaim Legal Services, we view bankruptcy as a financial tool to consolidate or eliminate debt to bring finances into balance and find lasting debt resolution. We believe that you are bankrupt when you are in need of the services and benefits of bankruptcy. Bankruptcy is merely the resolution tool. You are bankrupt based on underlying financial issues or imbalances. Many people areinsolvent (a.k.a. "bankrupt") long before they ever formally file for bankruptcy protection. People will often times struggle for months or even years to keep their heads above water, or worse yet, may be accruing additional debt each month based on late penalties and interest charges. In this scenario, the person is essentially bankrupt whether he or she actually files for bankruptcy to resolve the debts. Our firm's mantra has always been: find lasting debt resolution! Certainly this can come in many forms depending on each person's circumstances. Based on years of counseling and working with clients, we find the benefits and legal protections offered under the bankruptcy laws are often better than other solutions. Here are some examples of the unique benefits of a Chapter 7 or Chapter 13 bankruptcy.
Exclusive Chapter 13 Bankruptcy Tools:
- Legally stop a home foreclosure prior to the sale;
- Lawfully stop a vehicle repossession or get the car/truck back before the auction;
- Reduce the interest rate for a car loan and possibly reduce the amount owed to present market value depending on length of ownership;
- Remove a second mortgage or home equity loan;
- Reduce the mortgage obligation on a rental property;
- Legally discharge any unpaid unsecured debts after "best efforts" have been made for repayment over the 36 - 60 month plan cycle.
Distinct Benefits of Chapter 7 Bankruptcy:
- Complete debt elimination of all unsecured debt through court discharge;
- Legally stop harassing creditor calls and collection letters;
- Immediate stop to a garnishment with the potential to recoup funds taking, depending on the timeframe and cumulative amount taken;
- Ability to surrender unwanted or unaffordable real property (such as home or vehicle) without further financial burden or tax consequences.
You may be surprised to learn some of these unique benefits and tools available with filing bankruptcy. The Bankruptcy process often gets an unfair or bad rap. Remember, bankruptcy is not the problem it is merely an available solution. With over 50 years of combined debt resolution experience, we are here to answer your questions. We offer free consultations over the phone (866-261-8282) or at any of our six Michigan locations: Detroit, Ann Arbor, Dearborn, Flint, Southfield or Warren. We look forward to your call and earning your trust.
Latest Posts
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Property Tax Foreclosure – Can it be Stopped?
- Mar 20, 2018 -
Student Loans - A Modern Day Debtor's Prison? Government Considering Change Bankruptcy Laws to Allow Discharge of Private Student Loan
- Oct 06, 2015 -
Attorney Christopher Jones Recognized by Super Lawyers as 2015 Rising Star
- Sep 24, 2015 -
Detroit Bankruptcy Attorney Kevin Carr Joins Acclaim Legal Services
- Jun 22, 2015 -
Zombie Foreclosures Part II: 2 Years Later....25% of Foreclosures are Zombie Homes!
- May 07, 2015
Thank you for taking the time on Monday, to explain to me all the details of my case. I really learned a lot from our talk. There should be more people in the world like yourself to make time for others that don’t understand the legal/law side of business.
Thanks so much and God Bless you…
I wanted to extend my gratitude for helping me understand my Foreclosure/Chapter 7 situation. I left our meeting feeling reassured about my situation. You presented the information in a way I could understand. I have consulted with legal counsel in the past and they did not have the sincerity and…
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…
From one very satisfied customer!
It has been very pleasant to have Chris Jones helping with the bankruptcy process. At first you think you know everything by reading few things here and there from various web sites. Then when you meet Chris in the first 30 minutes you realize that you really…