Calculators
Credit Card Calculator: Achieving a Zero Balance
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.
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.
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 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.
Both programs offer other advantages and benefits. Visit our "Services" page to learn more. 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.
