Many times, people finding themselves in financial turmoil consult lawyers. They are told that bankruptcy is the immediate solution. However, there are a variety of other options and some of them are frequently overlooked. Bankruptcy is a good option for those who discover that their debt is unmanageable but there are other options to explore. Here are some things to keep in mind when you meet with your Minneapolis bankruptcy attorney.
Debt Settlement
When you communicate your financial difficulties to your creditors, some many give you the option to settle or pay on a payment plan. Some companies will offer debt workouts immediately but others might not offer it until they sense you are about to petition for bankruptcy.
The result is a new settlement amount totaling less than your starting balance. If you owe $8,000, for example, they may give you the option of paying $2,000 for account settlement. Sometimes credit card companies will let you divide up the settlement sum over monthly payments. Continue reading ‘Bankruptcy – Do Alternative Solutions Exist?’ »