A Helping Hand For Michigan Families
Over 120 years of combined legal experience advocating debt resolution for our clients.
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This is not a good presumption. While many Credit Counseling Agencies have established relationships and terms with credit card companies to set up repayment plans, they have no legal authority to bind creditors to these terms or force them to agree or even continue with the plan once it is established. At any time, a creditor can decide to opt out of the payment plan and sue you or get a wage garnishment, likely derailing the entire budget plan.
Chapter 13 provides unique advantages:
- All unsecured creditors (Credit cards, medical bills, qualified second mortgage(s) or home equity loan(s), personal loans, older tax debt, loan deficiency debt, etc.) are forced to comply with the terms of the confirmed Chapter 13 plan. They are all paid back at 0% interest and often paid at a reduced rates. The balance of these debts (whatever you cannot afford to pay back) are legally eliminated at the completion of the Chapter 13 process with a court discharge.
- As soon as you file and for the duration of the program you have court protection from your creditors. This means no phone calls, protection from foreclosure, vehicle repossession, garnishment, etc.
- Court oversight of the repayment process and a court-appointed Trustee handling all monetary funds. This ensures that your money goes to pay your bills and that all fees are regulated…no scams. Creditors are required to file proof of what you owe, the terms of the debt, etc. This is called a “proof of claim” and allows all parties to inspect what the creditor states you owe. If your creditor(s) fail to file a proof of claim, the debt will be automatically discharged at the completion of the program even through you didn’t pay on the debt.
- Repayment spans 36 – 60 months. At the completion of that timeframe, whatever balances remain on your unsecured debts are legally eliminated through a court discharge.
- You have the unique ability to legally remove a second mortgage(s) or home equity loan(s) depending on home valuation.
- Credit restoration is a built-in aspect of the program as you are:
- Providing consistent, timely payments to your creditors and;
- Reducing your debt-to-income ratio through-out the program and at the completion of the program with discharge of remaining balances. There are no more penalties or late reports to the credit reporting agencies.
- These 2 factors influence 65% of your credit score!
We encourage our clients to explore all of their options. We offer a free comprehensive consultation to review your finances, discuss your options and develop a game plan. Call us today at 866-261-8282 to speak with a licensed attorney. You can then compare our services to other options such as Credit Counseling Debt Management programs. While we are confident Chapter 13 provides many superior benefits to other available plans, if we don’t feel that your circumstances are a good match for the bankruptcy options, we will let you know. Our goal is simply to help people find the best debt resolution option available to them.
I would like to take the opportunity to Thank Acclaim for the way that they handled my Chapter 13. A very special Thank you goes out to Cindy, she handled everything in a very timely matter always answer my questions so that I understood.
She is one of…
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…
My name is Patty Simmons and would like to say thank you to the team at Acclaim Legal Services. Myself and my husband filed Chapter 13 in 2009. It was a bumpy road for us initially, but our Attorney and Cindy Millns helped us through the process. After five years, we are finally done and could not…
I would like to thank your firm especially Chris Jones and Cindy for all the help they provided in my case. Bankruptcy is not an easy thing to go through and not always easy to understand the terms and terminology that is used. Your team was extremely helpful…