Acclaim Legal Services

Products And Services

• Chapter 13 Bankrutpcy

  Chapter 13 bankruptcy in Michigan is a court authorized debt consolidation plan designed to provide reasonable repayment terms and court protection for your assets such as a home or vehicle. The purpose of the program is to: Consolidate, prioritize and reduce your debts; Provide a consistent repayment plan with favorable terms; Improve your credit; Provide court protection from your creditor. Consider it simply as a “financial tool” that provides: Optimal repayment terms (i.e. 0% Interest); A way to consolidate, restructure and reduce your debt; The time and breathing room to improve your credit and reach your financial goals in an orderly fashion. When you file for bankruptcy in Michigan, the Chapter 13 plan simply requires that you make your “best effort” to pay back your debts over a 36 – 60 month time period. Whatever unsecured debts are not paid at the end of that time period are legally eliminated or discharged. Benefits of a Chapter 13 Bankruptcy in Michigan Keep your home Filing a Michigan bankruptcy will legally stop a 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 participating in a Chapter 13 Bankruptcy in Michigan, 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 banruptcy in michigan 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 law allows 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 bankruptcy Michigan 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. Your Next Steps If you are considering filing for Chapter 13 bankruptcy in Michigan, your next steps are to find and Chapter 13 attorney you can partner with and receive a free consultation.

  Link: Chapter 13 Bankrutpcy

• Chapter 7 Bankruptcy

  Chapter 7 Bankruptcy for Debt Elimination The Chapter 7 bankruptcy allows you to make a fresh financial start by legally eliminating your unsecured debt obligations. By filing for bankruptcy in Michigan, the Chapter 7 gives you options to keep your home and property (if you are current on payments and within allowed equity parameters) or you can surrender and release financial obligation for unwanted real or personal property such a vehicle or home. Chapter 7 allows you to eliminate debts such as: Credit cards Medical bills Personal loans Loan deficiency debt (i.e. surrendered mortgage or vehicle) Past due utility bills Judgments and garnishments Call our Michigan bankruptcy law firm toll-free today at 866-261-8282 for a free consultation on how you can experience total debt relief through filing a Chapter 7 bankruptcy in Michigan. At that meeting we will conduct a comprehensive evaluation of your finances, answer all of your questions and advise you on the best course for debt resolution. We have offices located throughout Southeastern Michigan: Detroit, Ann Arbor, Dearborn, Southfield, Flint or Warren, Michigan. What is Chapter 7 Bankruptcy & How Do I File? Erase debt in a Chapter 7 bankruptcyChapter 7 bankruptcy is a means to eliminate unsecured debts, surrender unwanted personal property and gain a fresh financial start. The process typically spans 4 – 5 months, although court protection is immediate once the case is filed. This means no more creditor calls, letters, collections or legal actions such as wage garnishment. Here are the general steps for filing: Meet with a qualified bankruptcy attorney to ensure you eligible to file. The main qualifiers are: Your total household income over the previous 6-month time period. Investigation of your household income and expenses is known as a Means Test Equity or assets you possess, to ensure everything can be protected with the allowed exemptions; Timing of a previous filing. You are eligible to file a bankruptcy every 8 years from the date of your previous filing. If it has not been 8 years, you still qualify to file a Chapter 13 bankruptcy to gain creditor protection and debt relief. If you decide to file with Acclaim Legal, you next determine if you want to pay the attorney fees upfront or if you prefer and qualify to put $0 down and finance the fees with Fresh Start Funding, a third-party lending partner. Retain the firm and obtain the credentials to complete the pre-filing credit counseling requirement. This is a simple but necessary step in the process. The credit counseling can easily be completed over the phone or on-line to generate the completion certificate. The certificate is filed with the court at the time of your case filing. Gather and provide required documentation such as: 6 months of income detail (such as pay stubs); Last 2 years of income tax returns; Copies of all bills and debt obligations, etc. We pull a merge credit report for all of our clients as part of our services. Review and sign prepared Chapter 7 bankruptcy forms and schedules. At Acclaim Legal Services, only licensed attorneys prepare the required bankruptcy filing paperwork. This ensures accuracy and proper exemptions and documentation are all completed for the best client outcome. The Chapter 7 case is then filed and a case number is established. This case number provides you with creditor protections and stop actions such as judgments and garnishments. You are required to attend a 341 court hearing with your attorney. This is an informal but mandatory hearing. The last step is for you to complete the Post-filing Debtor Education course. Similar to the pre-filing credit counseling step, this 2nd step counseling can easily be completed online and then filed by your attorney with the court. You are now clear for a bankruptcy discharge of debts! This is a document processed and provided by the court. The typical timing is about 60 days from a concluded 341 hearing. Your bankruptcy court discharge is your legal proof of debt elimination and should be retained for your records. Begin a fresh start with your finances. We typically recommend starting with a small secured loan (vehicle, secured credit card, etc.) and establishing on-time monthly payments to build your credit. The most influentialfactor of your credit score is recent payment history (accounts for 35% of your score!) so this is the best start towards improved credit. Do you qualify for a Chapter 7 bankruptcy? Find out some of the top reasons that you may not qualify for a Chapter 7 bankruptcy. Bankruptcy Exemptions You are allowed to claim certain assets and properties as exempt from the bankruptcy process and therefore keep them protected. At the time of your free consultation we will review your assets and advise you of your available exemptions.

  Link: Chapter 7 Bankruptcy

• Debt Settlement

  There are circumstances where pursuing debt settlement in Michigan may be preferable to filing for bankruptcy or some alternative form of debt resolution. Debt settlement is when both parties, the creditor and the debtor, agree to payment terms or resolve a debt for a reduced amount. As with any settlement agreement, it is recommended that you Get the agreement carefully documented in writing Include terms that the debt is considered “paid in full” after the settlement payments have been made. Debt settlement in Michigan. When is it the right choice?This avoids: Any future collection efforts on the debt; The creditor selling the balance of the debt to a 3rd party collection agency; Continued negative reports to the credit bureaus. Call us today at 866-261-8282 to get a free consultation on your debt settlement options. Debt resolution is our specialty and we look at every option to help you meet your long-term financial goals. We have found that calling creditors as attorneys that also practice bankruptcy can be also be an advantage. This causes creditors to become concerned that they will receive a lessor payment or perhaps nothing at all if the borrower decides to opt for bankruptcy. This tactic often motivates creditors to begin negotiating! How Do I Know if Debt Settlement is Right for Me? Since every person’s circumstances are unique, there is no cookie cutter answer to this question. But there are some general guidelines that we use to determine if debt settlement is the most appropriate solution. Some of those guidelines are: Is the total outstanding debt owed is under $10,000? Do you owe money to less than 10 total creditors? Is your income too high to qualify for debt elimination under a Chapter 7 bankruptcy? What are your short- and long-term financial goals (i.e. future home purchase)? Do you have cash savings available to make a settlement payment to the creditor with a lump sum? Will there be tax consequences as a result of partial debt forgiveness? We offer free consultations to discuss all of your debt resolution options. At the appointment we will carefully review your finances, analyze your circumstances and provide detailed recommendations for optimal debt resolution. Call us today at 866-261-8282. What Factors Affect My Chances of a Successful Debt Settlement? A gavel rules in this photo on debt settlement in Michigan.Many factors affect the ultimate success of negotiating a debt settlement with a creditor. Some of the factors that will determine your chances of success are: Your income and ability to make payments under a debt repayment plan versus resources you may have to make a lump sum payment under a debt settlement plan. Source of income (full-time, part-time, contract, self-employed, retired, etc.) If you are entering a debt repayment plan, will you have the income (long term) to complete the payments? The age of the debt and length of time since you last paid on the debt. You may be able to negotiate better terms on older debt versus more recent debt. The total amount of the debt Has the creditor obtained a judgment? Once a judgment is in place, the creditor can continually renew the judgment virtually erasing a statute of limitations for debt collection. The judgment will shift to the new collector if the debt is sold. Has the creditor put a garnishment in place? If so, it makes debt settlement more difficult and debt consolidation more likely. With a garnishment in place, the creditor has an open path to payment through state tax levy, wages or a bank account balance and is less likely to negotiate to reduce the debt. With Chapter 13 debt consolidation, we can force a repayment structure with favorable terms. In addition, if the creditor has taken over $600 within 90 days of a bankruptcy filing, we can retrieve the money back for you. Who is currently trying to collect on the debt and who owns it: Original creditor? Has the creditor referred the matter to a collection agency? Junk Debt Buyers (has some third party purchased the debt at a discount from the original amount owed?) Since there are so many variables, we will be able to better advise you on your potential for success after we meet for the initial free consultation. The purpose of this meeting is for our firm to look at the big picture of your finances and give you options and evaluate your chances of success before you make any decisions. In short, it is important to work with a licensed professional to: Determine if debt settlement is the right choice for your circumstances. Approach debt settlement in the proper way to ensure an optimal outcome with improved credit standing. Explore alternatives to resolve debts. We offer free consultations to review debt settlements and other debt resolution options. We understand the stress associated with unresolved debt issues and a budget that feels out of control. Call us today!

  Link: Debt Settlement

• Foreclosure Prevention

  Stopping Foreclosure with a Chapter 13 Bankruptcy The Chapter 13 reorganization plan is the only legal means to stop your home foreclosure without voluntary bank cooperation or another legal basis to object to the mortgage against your property. By filing Chapter 13, you have instant court protection for your home and a protective shield from all of your creditors to allow you time to rebalance your budget, reduce your debts and recover your credit. We provide same day foreclosure protection if necessary and can file your case with the court directly from our office to provide immediate proof and peace of mind that you have stopped the foreclosure sale. Time is of the essence to stop a foreclosure. You have up until the hour of the Sherriff’s sale orJudicial Foreclosureto file the Chapter 13 and receive legal protection. After a foreclosure sale, the power shifts entirely to the bank. Don’t be fooled if the bank is working with you on a loan modification; they can and very possibly will still foreclosure on your home. This may seem counter-intuitive, but many loans are FHA-backed, meaning that once the bank forecloses they apply to the government for reimbursement of unpaid balances (you may then be obligated to the FHA for whatever they have paid out). For many banks, a foreclosure is less risky than trying to work out terms with a willing homeowner. Take control of your finances by filing for Chapter 13 protection. You can still pursue a loan modification through the program as well as other means to reduce your mortgage debt, such as: Ability toremove a second mortgage or home equity loanto rebalance your home’s value relative to current market conditions. The Chapter 13 program can also deal with increased mortgage payments due to an escrow deficiency for back taxes or insurance. We can reduce the payment back to the regular amount and deal with the escrow deficiency through an extended payment plan at 0% interest. All mortgage arrearages are paid back at 0% interest with no continued late penalties from the mortgage company. The plan allows you to reduce the principal mortgage balance forrental propertiesto current market value. Under the program, you will own the property free and clear at the completion of the 3-year program. Trust Our Expert Foreclosure Attorneys For over a decade, Acclaim Legal Services has been helping Michigan residents stop foreclosure and resolve debts. With convenient office locations in Detroit, Ann Arbor, Dearborn, Southfield, Flint or Warren, Michigan we offer free consultations to: Review your finances and provide a comprehensive evaluation Discuss your questions and concerns Explore all of your available options to stop your foreclosure Provide a recommendation to best resolve your current circumstances and meet your long-term goals Call us today at 866-261-8282 to speak with a licensed attorney about your foreclosure matter.

  Link: Foreclosure Prevention

• Stop Vehicle Repossession

  Vehicle repossessions occur when the lien holder attempts to take back the vehicle or collateral due to missed payments. You may also choose to voluntarily turn in your vehicle if you can no longer maintain the payments. This is referred to as a “Voluntary Repossession.” There are options to stop this process or repair your credit score. You can: Legally stop the repossession before it occurs. Get the vehicle back before the auction sale if it has already been taken. Modify the repayment terms tolower your vehicle payment and potentially reduce what you owe. Return the vehicle back to the lender if you can no longer afford payments. Eliminate deficiency and other debt so that you can restore your credit in order to qualify for a future vehicle purchase. Get resolution to prevent unexpectedly losing your transportation, which can quickly have a negative impact on your life. We have solutions and even offer same day protection. Reduce Vehicle Payments If you wish to maintain ownership on a vehicle loan but are behind on payments, our attorneys can set up repayment terms. Through the Chapter 13 program, our lawyers can stop the car repossession before it happens or get the vehicle back if it has already been repossessed – as long as it has not been sold at auction. We can also alter your vehicle payments to better work within your budget. Our attorneys can lower your vehicle loan repayment terms through the filing of a Chapter 13 Reorganization. This program will: Modify your vehicle loan and spread the missed payments over the course of the program (36 – 60 months) Reduce loan to a reasonable interest rate Extend the terms of the loan to lower the monthly payment If you have owned the vehicle for more than 2.5 years, we can actually alter the value of the vehicle for the duration of your loan contract. This will lower the vehicle’s value (aka “Cramdown”) to current market value versus the balance owed on the contract your monthly payment will be lowered and the program will provide you with more favorable payment terms. In addition to providing resolution to your vehicle situation, the Chapter 13 program offers other unique benefits and help for your finances. Filing a Chapter 13 plan will: Create a customized debt consolidation based on your individual circumstances: debt, income and monthly bills. Prioritize your budget to create a payment hierarchy. The program’s first concern is maintaining payments on secured loans and scheduling repayment on secured loan arrearages (such as missed mortgage or vehicle payments) with reasonable terms; 0% interest for repayment on arrearages. The program’s second priority is your maintaining money in your budget to cover your monthly living expenses. Lastly, whatever money is left over in the monthly budget goes towards your unsecured creditors: Credit cards Medical bills Personal loans Loan deficiency debt Old utility bills You are only required to pay your “best efforts” toward these unsecured creditors. The balance of the debt is legally eliminated or discharged at the completion of the 36 – 60 month program. Eliminate a second mortgage or home equity loan to re-balance your home’s value to current market conditions and/or reduce principal mortgage debt owed on a rental property(s) Benefit from court protection from your creditors including home foreclosure, judgments, garnishments and all creditor calls. Improve your credit over the course of the program by eliminating debt to enhance your debt-to-income ratio and restore timely payments to your creditors. These two factors influence 65% of your credit score according to FICO. Eliminate or Reduce a Loan Deficiency Resulting from Vehicle Sale If you simply cannot afford your car and wish to “voluntarily surrender” it back to the creditor or if the vehicle has been repossessed and already sold at auction, we can help eliminate or reduce the resulting deficiency through a Chapter 7 or Chapter 13 bankruptcy. When the lender sells the car at auction, the balance on the contract or “loan deficiency” becomes unsecured debt and can be eliminated through the Chapter 7 Fresh Start or likely reduced through the filing of a Chapter 13 Reorganization. Chapter 7 is a straight debt elimination program designed to provide total debt relief and a fresh financial start. Filing for Chapter 7 will: Provide a full court discharge of unsecured debts such as credit cards, medical bills, loan deficiency debt, personal loans, old utility bills, etc. Court protection from creditor calls, collections, judgments and garnishments. Opportunity to re-build your credit by wiping the credit slate clean for a fresh start. Proactively dealing with your vehicle situation and other debts will reduce the stress of budget uncertainly. It will also allow you to more quickly restore your credit that has been negatively impacted by missed car payments and perhaps an unbalanced budget.

  Link: Stop Vehicle Repossession

• Stop or Prevent a Judgment or Wage Garnishment

  Stopping a Garnishment In Michigan Most creditors immediately pursue a garnishment after they secure a judgment. In the event of a garnishment, this can be stopped immediately with the filing of a Chapter 13 or Chapter 7. There are many types of garnishments: Wage garnishment: A creditor can garnish your paycheck up to 25% of your net pay until the debt is satisfied. Bank accounts: A creditor can take whatever amount is available to satisfy their debt – even if it is your whole account balance. State taxes: A creditor can intercept your state tax refund to satisfy a garnishment. This can continue year after year until the debt is satisfied. Social security, disability pay or other government assistance that is typically not eligible to be directly garnished but may be taken by a creditor to satisfy a judgment once the money is deposited into a checking account. Under Chapter 7 or Chapter 13 bankruptcy law, if you have experienced a garnishment within 90 days of filing and the total amount taken is over $600, we can recover the funds and return the money to you. Other resources for judgements and wage garnishments Stopping Michigan Tax Refund Garnishment Garnishment Process in Michigan Michigan Garnishment Laws How to Stop a Garnishment Overpayment of Government Benefits Will Bankruptcy Stop a Judgment? The filing of a Chapter 7 or Chapter 13 will stop a judgment from proceeding. In the case of the Chapter 7, the debts are generally dischargeable and will therefore be legally eliminated. In the event of a Chapter 13, optimal repayment terms will set up through the program and a portion of the debt will most often be eliminated at the end of the plan. We encourage all of our clients to proactively deal with judgments and other outstanding debts. If you have available money, you can attempt to settle the debts with your creditors. Just ensure that the creditor fully releases the debt and not just the portion you paid so you don’t receive further collections down the road. If making a settlement would compromise other areas of your budget (deplete your retirement account and cause a tax liability, cause you to get behind on your mortgage or vehicle, etc.) then we recommend other means to resolve the debt, such as filing a Chapter 7 or Chapter 13 bankruptcy. Other benefits of filing Chapter 13 are: Re-structured and balanced budgetby reducing and partially eliminating unsecured debt obligations such as: Second mortgage or home equity loan; Personal loans; Loan deficiency debt; Credit Cards; Medical Bills, etc. All repayments are locked in at 0% interest. Court protection from creditor action such as home foreclosure, vehicle repossession, judgment and garnishments, phone calls or collection letters, etc. Improved credit. The Chapter 13 program promotes positive credit movement by: Reducing debt-to-income ratio by focused efforts to reduce principal debt combined with partial debt elimination at the completion of the program. Restoring consistent and timely payment to your creditors. Eliminating late reports to the credit bureaus. These factors influence 65% of your credit score according to FICO. Other benefits of filing Chapter 7 are: Total debt elimination of all unsecured debt obligations such as credit card, medical bills, old utility bills, personal loan, loan deficiency debt, etc. Creditor protection from judgments, garnishments, utility shut-offs, etc. Clean credit slate by reducing your debt-to-income ratio providing you the opportunity to re-build your credit. Call one of our experienced bankruptcy attorneys today at 866-261-8282. We will spend the time to carefully review your finances, discuss your long-term goals and develop a game plan to begin resolving your debt issues. We offer free consultations and same day bankruptcy protection to stop a judgment or garnishment. Get Debt Resolution Don’t spend another sleepless night stressing about a judgment, garnishment or budget concern. We are here to help and have the experience and proven track record of success to ensure you get the best result and debt resolution. Call us today at 866-261-8282 for a free consultation with a licensed Michigan attorney. 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.

  Link: Stop or Prevent a Judgment or Wage Garnishment