A Helping Hand For Michigan Families
Over 120 years of combined legal experience advocating debt resolution for our clients.
We look forward to earning your trust.
Chapter 7 Bankruptcy and Your Assets - What Happens When You File?
Posted by AcclaimLegalService
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…
What would Donald Trump Do? by Attorney Bill Johnson
Posted by AcclaimLegalService
When people think of Donald Trump they think of one of the worlds wealthiest individuals. They do not think of someone who filed for bankruptcy (4 times), yet that is exactly what Donald Trump did. Donald Trump created one of the most iconic casinos in Atlantic City, The Trump Taj Mahal. When his casino went into hard times (because of the market and over-leveraging for other ventures) Mr. Trump…
How does a Chapter 13 Bankruptcy Budget Work? Your Chapter 13 Budget Questions, Answered!
Posted by AcclaimLegalService
Trying to determine the best debt resolution can be daunting. You may hear about others peoples' experiences (positive or negative) and wonder - what is right for me? You may be considering credit counseling debt management plans versus debt consolidation through a Chapter 13 and still be left with questions. We are here for you. We offer free consultations to help you determine the best plan…
What is the Role of a Trustee in a Chapter 7 or Chapter 13 Bankruptcy?
Posted by AcclaimLegalService
Trustees are assigned by the United States Bankruptcy Court in both Chapter 7 and Chapter 13 bankruptcy cases to help facilitate the process. Their role in the process varies by the type of bankruptcy. Your attorney should primarily be the intermediary between you and the Trustee assigned to your case. Experienced bankruptcy law firms, such as Acclaim Legal Services, have a history of working…
Mortgage Forgiveness Debt Relief Act Expired at the End of 2013.
Posted by AcclaimLegalService
If you owe a debt to someone and that party forgives or cancels the debt, that canceled amount of debt may be taxable. As a part of the Mortgage Debt Relief Act of 2007, homeowners were able to exclude from income debt that was reduced on their principal residence. This included:
- Short sales;
- Mortgage restructuring, such as a loan modification;
- Foreclosure,…
Make Your Resolution Stick! 5 New Year's Resolutions for Your Budget & Tips for Success.
Posted by AcclaimLegalService
January 1st signals a fresh start to a new year and ambitions for how you can do things better in the next year - a new years resolution! In a 2012 survey, 45% of Americans reported that they usually make a new year's resolution. Among the top resolutions are "better money management and debt reduction." Unfortunately, a dismal 8% of the survey respondents reported success at meeting…
Strategies for Managing Your Budget Over the Holidays...and After!
Posted by AcclaimLegalService
The holidays often become stressful - especially when you consider the impact on your wallet. Below are some tips for taking the strain out of holiday gift-giving with general budget concepts that you can use year-round. If you need help getting your finances under control, our firm exclusively helps clients find lasting debt resolution. Call us today at 866-261-8282…
The New Year Brings Changes to Both Federal and Michigan Foreclosure Law - Will they be Effective in Preventing Foreclosure?
Posted by AcclaimLegalService
Beginning in January 2014, both Michigan and Federal foreclosures laws will change to add stronger protections for consumers facing foreclosure with aims to bring stronger lines of communication between borrowers and mortgage servicers. We recently posted a page outlining the details of the new federal law (Dodd-Frank Act effective January 2014). Changes will take place with Michigan Foreclosure…
Will Obamacare Reduce the Need for "Medical Bankruptcies" in Michigan?
Posted by AcclaimLegalService
One of the main talking points of health care reform and the Affordable Care Act, often referred to as "Obamacare," was that increasing healthcare coverage would prevent people from falling into bankruptcy due to medical bills they could not afford to pay. Studies suggest that medical bills are the number one reason for filing bankruptcy, outpacing other common factors such as credit card bills…
What Income is Eligible to Qualify for Filing Bankruptcy in Michigan?
Posted by AcclaimLegalService
Are you experiencing financial hardship, but uncertain if you would qualify to file for bankruptcy relief based on your income? We can help! Below is some general information regarding the types of bankruptcy relief and how income is considered for filing. To get a free evaluation of your circumstances, call our office at 866-261-8282for…
Latest Posts
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What Will Happen to Your Mortgage Once COVID-19 Relief Ends?
- Aug 27, 2020 -
Can I Use Unemployment Income to Qualify for Chapter 13 Plan Payments?
- Apr 17, 2020 -
President Trump Suspends Evictions and Home Foreclosure Amid Coronavirus Pandemic. What this means for Michigan Homeowners.
- Mar 24, 2020 -
How do I File for Bankruptcy in Michigan? The Top 6 Steps to Prepare to File Bankruptcy in Michigan!
- Sep 19, 2019 -
Top 3 Signs You Need to Consider Filing for Bankruptcy
- Jun 07, 2019
Me and my wife want to thank you and your team for all the help in successfully going through the discharge of our Chapter 13 bankruptcy case.
In particular, Cindy Millns has been prompt and responsive in providing all the necessary information. It has…
I just wanted to let you know how much I appreciated your help throughout my Chapter 13 bankruptcy. I am so glad I decided to go with Acclaim Legal Services. Everyone I dealt with were very professional. I really appreciated how quickly you responded to me…
My wife and I would like to thank you for your assistance in handling our bankruptcy. Believe me, it was very hard to admit that we had a serious financial problem. Thanks to the professionalism of all your staff, we have been able to overcome our embarrassment…
I came into my Chapter 7 Bankruptcy with a lot of questions and a lot of misinformation. I was concerned if I was ever going to get out of the mess that had been created. My attorney quickly put me at ease and made the law very clear so I could easily understand…