Michigan Bankruptcy Services
Acclaim Legal Services specializes in debt resolution, debt relief, foreclosure prevention and credit restoration. With offices in Detroit Southfield, Warren, Dearborn, Ann Arbor and Flint, Michigan we help clients find lasting debt resolution.
Our goal is to provide the best customer service and debt resolution. As part of this service pledge, Acclaim Legal Services provides:
- Attorneys and staff highly-qualified in debt-relief law and bankruptcy law
- Legal plans tailored to your individual needs
- Convenient evening and weekend appointments
- Competitive fees and payment plans
Call us today for a free consultation with one of our highly qualified bankruptcy attorneys to understand your options for lasting debt relief. We offer same day consultations to provide you with the advice and answers you seek. Don’t lose another night’s sleep, call us today at 866-261-8282.
Reorganization Plan—Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is also known as a ‘personal reorganization’. The program will legally stop a foreclosure sale, car repossession, IRS levy, judgments, garnishments and other types of creditor actions and provide you with an extended period of time (36 – 60 months) to catch up on missed payments. These repayments are locked in at 0% interest and you are protected from further late penalties or late reports to the credit bureaus.
While you are getting caught up on these secured debt obligations, payments to your unsecured debts, such as credit card bills, medical bills, etc., are deferred and frozen at 0% interest. Overall, this program allows you to take control of your financial situation and establish a reasonable payback program based on your individual circumstances and income.
Benefits of this solution
Keep your home
Filing a Chapter 13 will legally stop a Michigan home foreclosure sale , as long as it is filed before the foreclosure sale occurs. If negotiations with your mortgage company do not resolve the problem, this reorganization may be your best or only option to save your home. While in the Chapter 13 program, you still have the option to pursue a loan modification with your mortgage company. The program just provides the added court protection from foreclosure and allows you to have attorney staff assisting you in the process.
Remove a second mortgage or home equity loan
Chapter 13 provides the only legal way to remove a secondary lien on your home. This process, called lien stripping, helps you to bring your home value more in line with current market conditions and reduces your overall monthly mortgage obligation.
Keep secured assets safe
You can be assured that while under the protection of this plan, your assets are safe. You can stop vehicle repossession before it happens or get the vehicle back before it is sold at auction. Once plan payments are complete, you’ll be caught up on secured debt and free of unsecured debt.
Lower your vehicle payments
Bankruptcy laws allow you to lower your vehicle payments on loans to fit within your budget by modifying the contract to reduce the interest rate or extend the terms of the loan.
If you have owned the vehicle for more than 910 days or 2 1/2 years, we can actually reduce the amount owed on the vehicle. This reduces the secured claim on the vehicle to the present market value and converts the balance of the loan contract to unsecured debt. This may allow you to discharge a portion of the debt at completion of the program.
Get 0% Interest Repayment Terms
Pay back your mortgage arrearages (missed payments) and all unsecured debt obligations at 0% interest with no continued late penalties. This goes into effect once the case is filed and extends through the life of the plan. It allows you additional time to pay back debts without penalty.
Reduce and eliminate Unsecured Debts (i.e. credit card bills, medical bills, judgments, etc) based on your budget
The Chapter 13 plan prioritizes catching up on your secured debt obligations and paying your monthly living expenses. Payment to unsecured creditors is deferred until you are caught up on your home, vehicle, taxes, etc. . Within your budget plan, we ensure that your mortgage or rent payment, vehicle payment, necessary living expenses, etc. are all taken care of before we schedule any payments to your unsecured creditors. You are only required to pay your “best efforts”. Whatever balances remain at the completion of the program are legally eliminated or discharged. You are free of all unsecured debts at the end of the 36-60 month program.
Improve your credit
Chapter 13 debt consolidation will improve your credit over the life of the program by lowering your debts (thus improving your debt-to-income ratio) and re-establishing a regular payment record with your creditors. These two factors account for 65% of your credit score according to FICO.
Gain added freedom and flexibility
This plan does not lock you in. You have the ability to refinance your home or sell your home and pay off your case early. If your income changes, we can always adjust your plan payments to reflect your new circumstances.
Stop garnishments, harassing calls and utility shut-offs
All garnishment and creditor calls will be stopped at the time of filing. We can stop a utility shut-off before it happens and/or restore services after a shut-off has occurred
At the time of the free initial consultation with one of our qualified debt management attorneys, you will receive an individualized strategy tailored to your personal budget and finances. Call us today at 866-261-8282 to schedule a free consultation to understand how to put a Chapter 13 plan to work for you.
Fresh Start Program – Chapter 7
Chapter 7 Bankruptcy is also known as the ‘fresh start’ program. You may qualify for this program if, at the end of each month, after you have paid for all your basic living expenses ( i.e. home payment, car payment, food, clothing, utilities, etc.), you do not have enough money left to pay your debts. Filing for Chapter 7 will legally eliminate all unsecured debt obligations such as credit cards, medical bills, personal loans, certain older tax debts, etc. Also, there are allowable exemptions in Chapter 7 that often allow you to keep your most valued personal belongings, including your home, vehicles, jewelry, pension or retirement investments, and other personal assets.
Benefits of this solution:
Eliminate your unsecured debt obligations, such as credit card bills, medical bills, judgments and certain tax debts.
To understand what debts would qualify for a bankruptcy discharge, please bring all documentation to your initial office consultation and our bankruptcy attorneys will provide you with a full analysis.
Keep personal items and often property, such as a home or vehicle.
Multiple Chapter 7 bankruptcy exemptions make this possible.
Put an end to garnishments and harassing calls from creditors.
Creditors must stop making contact or garnishing your wages as soon as your Chapter 7 case is filed. Protection is immediate. If the garnishment has already occurred, we will evaluate if we can get the garnished monies refunded.
Prevent utility turn-offs or restore power if a shut-off has occurred.
Discharge balances on electric and gas bills. With a deposit, the utility companies are required to restore your service.
Eliminate the debt owed on your mortgage(s) if you have undergone a Michigan foreclosure sale
Filing a Chapter 7 gives you the peace-of-mind that you won’t receive future collections on loan deficiency debt.
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.