There is no charge to use this budgeting tool and we do not see your responses nor are they saved or transmitted off of our site.
Credit Card Calculator: Achieving a Zero Balance
Read Definitions »
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
At Acclaim Legal Services, our goal is to help our clients achieve financial freedom. Typically we tell clients that if they can reasonably pay off all of their unsecured debts (credit cards, medical bills, personal loans, etc) within a 2-3 year period, then may not need our assistance. We simply encourage them to set up an achievable budget and stick to it.
If you can’t pay off your unsecured debts within a 2-3 year period, you may want to consider getting assistance to achieve this goal. We offer a free consultation to determine whether you have the income available to pay your creditors back, even at a reduced rate, or whether it is better just to wipe the slate clean with a Chapter 7 debt elimination program. Call one of our qualified attorneys today at 866-261-8282 to discuss your options over the phone or at one of our convenient office locations in Detroit, Ann Arbor, Dearborn, Southfield, Flint or Warren, Michigan.
How do I know what is right for me?
Each program provides different benefits. Both programs promote long-term financial freedom and stability.
The advantage of a Chapter 7 is that it is a clean break and a quick solution. If you are overwhelmed by debt and unable to make headway each month, the Chapter 7 may simply give you a fresh start. Within 3-5 months you are totally free from all of your unsecured debts with a court discharge and free to begin a new financial start and re-establish your credit.
The benefit of a Chapter 13 is that we can set up standardized repayment terms with all of your creditors in order to achieve freedom from unsecured debts within a 36 – 60 month time period.
All unsecured debts (such as credit cards, medical bills, personal loans, old utility bills, loan deficiency debt, etc) are paid back at 0% interest. This means that your monthly payments go straight to the principal debt.
In addition, the program only requires that you make your “best efforts” towards the unsecured debts over the course of the plan. Whatever is not paid is discharged or legally eliminated at the end of the program.
The program offer other unique benefits such as the ability to:
Remove a second mortgage or home equity loan;
Stop a home foreclosure;
Halt a vehicle repossession or get the vehicle back before it is sold at public auction;
Legally stop creditor actions such as judgments, wage garnishments, utility shut-offs and all creditor calls;
Reduce the principal balance of what you owe on a rental property to own free and clear in 3 – 5 years;
Improve your credit by reducing your debt-to-income ratio and restoring timely payments to your creditors. These two factors alone influence 65% of your credit score according to FICO.
Both programs offer other advantages and benefits. We offer free consultations to evaluate your total financial situation and provide you with a recommendation on your best course of action to achieve financial freedom.
We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in Detroit, Southfield, Dearborn, Flint, Ann Arbor and Warren, Michigan. Please call us toll free at 866-261-8282 or click here to schedule a consultation right now.
How Can We Help You?
Contact us now to speak with an experienced debt resolution attorney. We offer same days appointments and legal protection.
I am writing to thank you for your excellent, client-oriented service through a difficult financial hardship.
I would recommend Acclaim Legal Services (ALS) to anyone seeking relief to the gradual and stressful, and at time, overwhelming pressure of financial debts.
After a thorough…
Cindy from your office gave me your information for feedback about our case.
Today she sent us a copy of the courts discharge, so our immediate feeling is over joyed to be done with the process. At the beginning we had no idea what to expect, but everyone in your office took their time to…
Michelle & Peter
I retained representation with Acclaim Legal Services after I had previously retained representation by a different law firm. My previous attorney was never available for me to consult with them, and treated me very rudely. As a result of this treatment I decided to retain Acclaim Legal Services to…
(White Lake, Michigan)
My overall experience with Acclaim Legal Services has been excellent. They created a workable budget for me while allowing me to reduce my debt. They were very prompt and helpful when I had questions or concerns. They helped me modify my home mortgage so that I could live stress free after my chapter…