Practice Areas

Alternatives to Bankruptcy

Michigan Bankruptcy Lawyer

Debt has accumulated to a point that you realize you need help. However, considering bankruptcy can be overwhelming. At Acclaim Legal Services, we can help you understand your options for debt relief and bankruptcy alternatives. You can then make an informed decision on how to move forward.

Contact our Michigan law office to speak with an attorney to learn about bankruptcy and potential alternatives. Bankruptcy is not the scary step that many people believe it to be. It offers much more freedom and peace of mind than many alternatives. However, as experienced bankruptcy lawyers, we want you to feel confident in the bankruptcy process and in your financial decisions. Therefore, we offer practical suggestions that you may consider as an alternative to filing for bankruptcy. It is important to discuss your options with a qualified attorney before making any decision.  Everyone's circumstances are different.

Chapter 13 Bankruptcy Alternatives

• Refinance your home or sell your home before a foreclosure sale
• Refinance your home or sell your home during the redemption period
• Work out a forbearance with the mortgage company
• Negotiate a loan modification

Chapter 7 Bankruptcy Alternatives

• Enroll in a debt management program
• Negotiate the debt repayment directly with the creditor
• Negotiate with the creditor for interest reduction
• Pay the debt in full

At the time of your free consultation, these are among the options we will discuss with you. It is important to be careful when negotiating an agreement with a creditor. Any agreement should be in writing so that you can make certain you understand your rights.

In addition, it is important to speak with an attorney before foreclosure so that you understand your obligations. Once you have received notification of foreclosure, you must pay the balance of the mortgage in full during the redemption period (generally six months). However, by filing for bankruptcy under Chapter 13 before the foreclosure, you will stop foreclosure and gain a longer period of time to catch up on past due payments.

Contact us at 866-261-8282 for a free initial consultation to discuss your options with a skilled bankruptcy attorney.