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Over 120 years of combined legal experience advocating debt resolution for our clients.
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Chapter 13 Bankruptcy in Michigan: Using the Reorganization Plan to Reduce Your Vehicle Payments
One major benefit of the Chapter 13 reorganization program is the ability to modify the terms of a vehicle loan. In most every case we are able to help you reduce your monthly payment by reducing the interest rate and lengthening the finance terms. In some cases, we can legally reduce what you owe on the vehicle! Call us today at 866-261-8282 for a free consultation with a licensed attorney to evaluate your circumstances and opportunities for debt reduction. At the initial meeting we will:
- Evaluate the big picture of your overall finances;
- Explore your long term goals;
- Review the details of your monthly budget;
- Provide you with strategies for debt reduction and resolution.
We offer both a phone consultation as well as an in-office appointment at any our seven Michigan locations: Detroit, Ann Arbor, Dearborn, Flint, Southfield, Lansing and Warren.
Reduce Your Vehicle Payment and Possibly the Principal Debt
Simply put, Chapter 13 bankruptcy is a debt consolidation plan that provides you with legal protection and court oversight as you work to become free of debt. The Chapter 13 plan provides many useful and unique benefits, such as reducing the amount you owe on your vehicle to its current fair marker value (regardless of the amount owed) provided you have owned the vehicle for over 2.5 years. At the initial consultation, we can explore your options to modify your car loan using one or more of the following Chapter 13 bankruptcy tools:
- Reduce the interest rate you are paying;
- Reduce the value of the vehicle to current fair market value for ownership over 2.5 years;
- Lengthen or extend the terms of payments to reduce your monthly obligation.
You don't have to be behind on your loan payments to qualify for these terms - it is your right under a Chapter 13 plan.
Other Chapter 13 Bankruptcy Benefits:
In addition to reducing your vehicle payment, the purpose of the Chapter 13 is to balance your budget and reduce debt. Filing a Chapter 13 in Michigan can benefit your budget in many ways:
- Consolidate and reduce unsecured debts, such as medical bills and credit cards, loan deficiency debt, personal loans, old utilities, etc.
- The ability to remove a second mortgage or home equity loan to rebalance your home's value to current market conditions.
- Improve your credit score over the span of the Chapter 13 plan by improving your debt-to-income ratio and ensuring timely payments to creditors.
- Credit protection from actions such as:
- Vehicle repossession
- Home foreclosure
- Judgments and wage garnishments
Trust the Michigan Debt Resolution Specialists
For over a decade, our firm has been committed to combining excellent customer service with tangible results for debt reduction. Call us today at 866-261-8282 to schedule your free consultation with one of our Michigan attorneys. We offer a comprehensive evaluation of your finances based on your current income and expenses. Our attorneys will provide tailored debt resolution strategies and carefully explain all of your options to empower you to take the first step toward financial security and peace-of-mind. We look forward to your call.
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I would like to reach out and express my thank you and gratitude to Alisha Goguen.
I would like to start by saying that I am a proud individual that due to life’s crazy path, lead me to needing assistance with a matter that was beyond my scope. As hard as it is to have to file a bankruptcy,…
I am a hard working and proud individual. So when I came to the realization that I might actually have to file bankruptcy, it really ran against everything my parents ever tried to instill in me. I have to say that I was embarrassed and a bit ashamed. However being a realist, I contacted your firm…
I wanted to take a few moments and offer a sincere THANK YOU for all the hard work that everyone at Acclaim Legal Services has done so far on my Chapter 13 Bankruptcy case. As you know, this process has a lot of emotional attributes for the filing person and is not a position I ever foresaw.
Since…
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…