Debt negotiation is not an easy task for someone to take on by themselves. The reason is because creditors can be very difficult to deal with, especially when they can simply say “no.” Yes, there are advertisements for debt settlement and credit management companies all over the place. These companies promise to negotiate debt, fix credit scores, and more. All you have to do is pay them an upfront fee.
The fact is there are many debt negotiation scams floating around online and off. They do not deliver the way they say they will and then they have your money in your hand. Once you hand it over, you won’t get it back.
At the McKinney Law Office, you will work with a Minneapolis bankruptcy lawyer who will work with you and your creditors to negotiate your debt and find a solution that works for you and the creditor.
Assisting You In Find Non-Bankruptcy Alternatives
If you do not want to find yourself in a bigger mess from working with a debt settlement company, yet you don’t want to file bankruptcy either, you may want to look at some other alternatives.
The first is a deed in lieu of foreclosure or loan modification if the main source of trouble is your mortgage. If the issue is too much debt, then debt consolidation may be the solution you are looking for. It is possible to simplify your finances so that you can once again gain control.
A non-profit credit counseling service can also help you. Your Minneapolis bankruptcy lawyer can review these options with you, including give you a list of credit counseling services that you can use. The time you spend with a credit counseling service can be used as your credit counseling time if you would decide to file bankruptcy. Nonetheless, you should know that the services provided by a credit counselor can be just as damaging as bankruptcy on your credit report.
Avoid Bankruptcy With Effective Debt Negotiation
When your debt negotiation attorney talks with your creditors, they work with them to find a solution. Debt collectors do realize at times that a settlement can be the difference between them getting some money or none at all. They know that if you are forced into bankruptcy, they run the risk of not getting any of their money.
What your attorney will do is explain the situation and make a proposal that works for you. The creditor may accept or reject that proposal. If they reject it, then your attorney will come back with another offer that the creditor may accept. Many times, debt negotiating involves lowering the total amount due and making sure the account does not continue to accumulate fees and interest so that the payoff is one set amount. Through this, you can avoid bankruptcy and move forward toward resolving your debt. If creditors do not agree, then you can move forward with bankruptcy and dissolve your unsecured debts.
Contact A Minneapolis Bankruptcy Lawyer
Sometimes debt requires negotiation rather than bankruptcy or consolidation. Through debt negotiation, your attorney is able to negotiate with your creditors to reach a settlement amount that you can afford. This helps them receive money that is owed to them versus nothing through bankruptcy and helps you toward preserving your credit. To find out more, call the McKinney Law office at the Minneapolis office at 612-206-3706 or the St. Paul office at 651-379-4110 to schedule your free consultation.
This law firm is a debt relief agency, and we help people file for bankruptcy relief under the United States Bankruptcy Law.