Michigan Debt Elimination Attorneys

Lawyers Representing Clients in Ann Arbor, Warren, Dearborn, Southfield, Flint and throughout Michigan

The credit score is one of the most important aspects of a person's financial life. Your credit score can greatly affect your ability to buy a car or a house and it influences the interest rates on your credit cards. In some cases, a bad credit score could even prevent you from getting a job.

At Acclaim Legal Services, we understand the importance of repairing your credit score after going through financial difficulties. Our experienced Michigan debt elimination lawyers have guided thousands of people through bankruptcy, and we are ready to help you take the necessary steps to restore your credit and move forward in life.

To learn about how to rebuild you credit and how we can help you, please schedule a free consultation with our experienced bankruptcy attorneys. Contact us online or call 866-438-5217.

Understanding Your Credit Score

When you come to Acclaim Legal Services, we will sit down with you and explain everything that goes into a credit score and what you can do to successfully build your score. In general, five factors determine your score:

• Payment history
• Outstanding debt
• Length of credit history
• Types of credit you use
• Recent credit inquiries that appear on your report

For many people, filing for bankruptcy is a very useful way to improve credit in the long run. The idea that bankruptcy is devastating for your credit score for up to 10 years is simply wrong. The bankruptcy plans we institute will improve your credit in a number of ways.

Chapter 7 Debt Elimination

If you cannot pay back debts, even at reduced or 0 percent interest rates, you may qualify for Chapter 7 bankruptcy, which will give you a "fresh start." A Chapter 7 filing will erase a poor payment history and reduce your debt-to-income qualifying ratio, providing a clear path toward an improved credit score. By making wise choices and making timely payments after bankruptcy, your credit score will steadily improve.

Chapter 13 Debt Reorganization

If you have some ability to pay your debts but skyrocketing interest rates or a reduction in income prevent you from fully meeting your obligations, Chapter 13 bankruptcy can help you regain control of your budget. Chapter 13 is better than other debt management programs because Chapter 13 reduces all your debts to 0 percent interest, which means that all the payments you make directly reduce the debt principal. After three to five years of manageable payments, your remaining debt is eliminated − and because you have been making regular, timely payments, your credit score is improved.

Contact Us for a Free Consultation

We are dedicated to helping our clients through some of the most financially trying times of their lives. Let us put our experience and knowledge to work for you. Schedule a free consultation by calling 866-438-5217 or contact us online. For your convenience, we have offices in Southfield, Flint, Dearborn, Warren and Ann Arbor.