The decision to file for bankruptcy is not something that should be taken lightly. Once the deal is done, you will be discharged of your current debt but that does not mean you are completely off the hook. Filing for bankruptcy now means you cannot file again for a long time and it also means that your credit report will have this stamp for seven to ten years after the fact.

For many, bankruptcy may seem like an easy way out but, in the end, it is not. This is why it’s important to look into all alternatives to bankruptcy and to speak to a professional Minneapolis bankruptcy attorney about the best option for you.

Avoiding Bankruptcy with Alternative Debt Solutions

Debt Settlement – this is a program where your creditors can cut down on the amount of debt owed. You will need to negotiate with the creditors to see if you can find an agreement that works for everyone. In many cases, a debt settlement will work in the early stages of overwhelming debt, before many payments have been missed.

Debt Consolidation – debt consolidation offers a way for you to consolidate all your debts into one payment. This can be a great way to stop the interest and penalty rates from piling up but will only really work if you can afford to make the payments. If you are having a hard time making the minimum payments now, debt consolidation may not offer you enough assistance.

Debt Counseling – if you seem to be spending more than you make and cannot seem to figure out where the money is going, you may be helped by debt counseling. A debt counselor will go over your current income and expenses and see why you are in the red. If you do not want to go this route, it can also be beneficial to make your own spreadsheet and see exactly where the money is going every month. You may be able to cut down on your daily and weekly expenses and start budgeting better.

A DIY spreadsheet can help those who are struggling with credit card bills and overdue fees but it often will not be the answer you need if you are struggling with creditors, potential foreclosure or repossession. If this is the case, it’s time to make the call to a MN bankruptcy lawyer.

Is Bankruptcy the Best Option for You?

For many, these options to avoid bankruptcy have come and gone and there really is no other alternative that makes sense. Choosing to file for bankruptcy is a decision that you need to make; do not rely on what your parents, your neighbors or your co-workers have to say. Although you will most likely value their opinion, it is best to keep the decision to file bankruptcy personal. We can provide you with a free consultation to assess your situation and determine if bankruptcy is the right option for you. As Minnesota bankruptcy lawyers with nearly 30 years experience, we have seen it all and we are more than prepared to provide you with an honest assessment of what to do next.

Heimerl & Lammers practices in all eighty seven counties of Minnesota including, Hennepin County, Ramsey County, Scott County, Carver County, Washington County, Anoka County, Wright County, Sherburne County, Chisago County, Isanti County, Stearns County, Dakota County, Cass County, Blue Earth County, Olmsted County, Sibley County and St. Louis County.

We represent Minnesota Bankruptcy Law clients throughout the Twin Cities including Minneapolis, Champlin, Brooklyn Park, Brooklyn Center, Eden Prairie, Edina, Excelsior, Hopkins, Long Lake, Lino Lakes, Maple Plain, Minnetonka, Monticello, Mound, Osseo, Otsego, Rogers, Saint Bonifacius, Saint Paul, St Paul, Spring Park, St Louis Park, Wayzata, Woodbury, White Bear Lake, Plymouth, Maple Grove, Eagan, Eden Prairie, Burnsville, Bloomington, Buffalo and throughout Minnesota.

Disclaimer: We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.