Services
At Acclaim Legal Services, debt resolution, bankruptcy law and foreclosure prevention are our specialties. Providing outstanding, individualized legal services is our priority.
In every instance, 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
Reorganization Plan—Chapter 13
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.
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 within your means.
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.
• 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 after repossession if the case is filed prior to the vehicle being sold at auction. Once 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 (unpaid debt) 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 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. If there is discretionary income beyond that, it will be applied to your unsecured debts after you are caught up on your home, vehicle, etc. If there is not adequate discretionary income to pay these unsecured debts back in full over the course of the program, we will propose that a portion of the debt be discharged or eliminated.
• 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.
• 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.
• 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. Because each person's circumstances are unique, our lawyers will work with you to create a customized budget and payment plan that will 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. Chapter 7 bankruptcies designate certain exemptions that often allow you to keep your most valued personal belongings, including your home, vehicles, jewelry, pension or retirement investments, and other personal assets.
The bankruptcy laws allow you to establish a clean slate by eliminating your unsecured debts through the filing of Chapter 7.
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 the attorney 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.
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 a second mortgage if you have undergone a Michigan foreclosure sale
For a bankruptcy law or debt resolution matter, schedule an in-office or phone consultation with our Dearborn, Flint, Southfield or Warren law office, in order to review your personal circumstances, analyze your situation, and advise you on the best course of action. Please call us toll free at 866-261-8282 or click here to schedule a consultation right now.
