Bankruptcy Alternatives
Bankruptcy is not the only solution to your financial problems. In fact, about half of the people we meet do not end up filing for bankruptcy but instead choose one of the alternatives to bankruptcy, listed below.
What are My Options?
There are a number of alternatives to bankruptcy and foreclosure. Our attorneys can help you with the following alternatives:
- Negotiation
- Loan modification
- Deed in lieu
- Short sales
Negotiation and Loan Modification
If you want to continue to make payments and avoid bankruptcy but are having trouble negotiating with the lending company’s and the creditors, then let us help. We can negotiate with your lenders to reduce the interest rate, obtain a lower flat monthly rate or settle the entire debt. We can help you with all unsecured debt including credit card and personal loan debt. Our lawyers can speak to the creditors on your behalf and come up with a plan so everyone is happy.
A loan modification is another very promising alternative to bankruptcy. If you need some assistance speaking to your lending company about modifying your mortgage or other payment plans, then we can help. A loan modification is often the best option for those who have succumbed to unexpected financial hardship.
Avoiding Foreclosure with Short Sales
One of the most devastating problems with unresolved debt is that it can impact your home. If you are unable to make the payments on your mortgage every month, then you may be facing foreclosure, where the lending company takes your home away from you. If you are worried about foreclosure, then you might look into short selling your house. Instead of losing your home to the lending company and having to pay the excess, a short sale is a negotiation where you sell your home for less than the remaining balance but do not need to pay the additional amount. Short sales are an attractive option to many lending companies but are a very complicated process. Our attorneys can help you determine if short selling is a good option for you and help you with this process.
Deed in Lieu
A deed in lieu is another option if you are worried about losing your home. The creditors may accept the deed to your home and take possession of it to forgive the loan. A deed in lieu is not for everyone but it may be a better solution than bankruptcy for your situation. The benefit to a deed in lieu is that, although you will lose the equity on your home, your credit report will not have the same negative impact as foreclosure.
Minnesota Bankruptcy Lawyer & Attorney
The first step to getting your finances back on track is not filing for bankruptcy. It is meeting with our team of experienced bankruptcy lawyers to discuss your finances and your options. We can assess your situation and determine if filing for bankruptcy is your best option, or if you would benefit from one of the many alternatives. Regardless of your situation, we can help you find a solution that will put your finances back on track.
We represent bankruptcy clients in matters involving Chapter 7 bankruptcy, Chapter 13 bankruptcy, wage garnishment, creditor harassment, foreclosures and debt consolidation. Contact Myles A. Schneider & Associates, Ltd. 24 hours a day, seven days to week at 763-315-1100 to see how we can help you.
