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…

The Judicial Conference approved new filing fee increases that will become effective June 1, 2014. What does this mean?  After June 1^st, it will cost slightly more to file for bankruptcy protection. It is not too late to file before these fees increase.  We offer free consultations to discuss your bankruptcy and debt resolution options and we…

The issue of how parking tickets and driver responsibility fees (DRF) are treated in bankruptcy is an often discussed topic within bankruptcy circles and there are several variables to consider.  It is hotly debated because there is not a bankruptcy court ruling interpreting the exact nature of the driver's responsibility fees (DRF) in relation to the bankruptcy code.  

Driver Responsibility…

As the old saying goes, "timing is everything!"  There is definitely timing factors to maximize available protections and benefits for filing for Chapter 7 or Chapter 13 bankruptcy in Michigan. For a clear understanding of your personal debt resolution options, we suggest taking advantage of our free consultation offer to meet with a licensed Michigan bankruptcy attorney.  At that meeting, we will…

What is an "asymmetrical norm" anyway?  Simply put, it is when a different set of moral rules or encumbrances apply for the different parties with the same circumstances.  For instance, corporations aren't burdened by the same set of moral considerations or expectancies that individuals are - they don't experience guilt, embarrassment or shame. So how does this play out in the world of finances…

In general, banks are becoming more aggressive in pursuing loan deficiency claims.  From our experience, small regional banks and credit unions are much more likely to pursue collection on a loan default simply because:

• They cannot absorb losses like larger banks;
•  They do not receive government funding to offset losses.

What…

Circumstances arise when there is a breakdown in communication or trust between a client and his or her attorney.  In these instances the court allows for a "Substitution of Counsel."  This process allows the client to seek another law firm and bankruptcy attorney to takeover their case. We usually encourage people who call who already have representation to try and exhaust all options for repairing…

If you are considering filing for bankruptcy in Michigan you may be wondering how to find the best bankruptcy attorney to help you through the process.  What questions should you ask and how should you evaluate the firm's professionalism.  It may feel like a daunting process. Here are the top 5 questions we feel are important to ask and why.  Of course we are giving you our responses too! If you…

Yes, secondary lien holders have the same legal right to foreclosure on your home as the primary mortgage company.  The Michigan foreclosure process is the same for the first mortgage holder as it is for the second mortgage lender. The main reason that it is not as common for the secondary lender to foreclose is because that lender would have to satisfy (pay off or negotiate a settlement) on the…

A Chapter 7 Bankruptcy allows you to exempt (protect) equity in real and personal property, such as your:

• Home (Real Property)
• Vehicle
• Personal belongings & misc. household goods and furniture
• General exemptions, such as bank accounts, income tax refunds, qualified retirement accounts, etc.

However you can only protect…