In a recent study* providing the first national numbers available on the impact of wage garnishments, the findings show that a staggering 1 in 10 working Americans between the ages of 35 - 44 are experiencing a wage garnishment.  That means that 10% of that adult sector is loosing 25% of their wages each pay period.

If you have unresolved debt, don't…

In a study* released last month by the National Bureau of Economic Research, two economists examined half a million bankruptcy filing in the U.S. to determine the effect of bankruptcy laws on consumers and their subsequent outcomes.  The results they cited are powerful:

"½we find that Chapter 13 protection increases…

One of the biggest impediments or hurdles for people considering bankruptcy is the perception that it will have a negative impact on their credit.  Will they be extended future credit?½..be able to purchase a house?½.a car?  Yes, yes & yes! It surprises most people to learn that filing bankruptcy will actually have a positive effect on your credit.   Why?  Here are the reasons (& credit score projections…

The firm welcomes Francesca A. Lousia to our Southfield, Michigan office!  Attorney Lousia joins Acclaim with over four years of experience in consumer bankruptcy, debt resolution and debt collection.

Attorney Lousia attended Wayne State University Law School where she received her Juris Doctor in 2008.  While in law school, Attorney Lousia was a…

Chapter 13, simply put, is a debt consolidation and reorganization plan that uses court oversight and Federal Law to provide protections and rights that may not be available in a typical debt management program.  The plan is specific to each person's individual situation and circumstances. This allows for flexibility in terms of proposed repayment terms and how…

How do you know if bankruptcy might be your best option for debt resolution?

Below are some typical questions we discuss with our clients at the initial free consultation to determine if they need our assistance with bankruptcy or a debt settlement solution.  If you feel you may need to speak with a professional,…

A Chapter 13 Bankruptcy, simply put, is a court authorized debt consolidation program.  Because the Chapter 13 program provides court protection, the plan offers many unique benefits over traditional debt management programs.  Below are some of the benefits of consolidating debt under a Chapter 13 Bankruptcy:

• Legal protection…

According to a recent study of more than 7 million American's by the Urban Institute, Michigan is ranked in the lowest  bracket nationally for average debt load - great news, right?

• Average debt load in Michigan per household is $43,377 vs. the highest state, Virginia, with an average debt load of $74,279 per household.

While it is wonderful…

The answer:  Yes & No!  Confused?  Read more about the specifics of how debts are treated in bankruptcy and the key differences between filing a Chapter 7 and Chapter 13 bankruptcy in Michigan. Also, our firm does offer a free consultation - over the phone or at one of our six Michigan locations in:  Detroit, Ann Arbor, Dearborn, Flint, Warren and Southfield. …

How are attorney fees handled in consumer bankruptcy cases in Michigan?

• In a Chapter 7 Bankruptcy, the attorney fees are paid directly to the retained attorney.  In a Chapter 13 Bankruptcy, most often the attorney's fees are paid through the Chapter 13 Trustee.
• The fees under a Chapter 7 Bankruptcy will also vary from…