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.
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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.
Other Payment Arrangement
If your situation is temporary, you may wish to consider another payment arrangement with your creditors. This is ideal for you if you are behind due to temporary job loss or disability. If this describes your situation, communicate with loan and credit companies and explain the temporary nature of your late status. Work out other payment arrangements allowing you to make up the past due balance.
Some car loan companies may consider allowing you to skip one payment. In this case, the payment is added on to the end of your loan. This will extend your repayment period but you will miss paying various fees and penalties usually added on when you are unable to make timely monthly payments.
Consolidate Debt
Depending on the amount of your unsecured debt, talk to your Minneapolis bankruptcy law expert about the possibility of debt consolidation. This option will enable you to take out a new loan and interest rate to pay off all past debts.
These solutions may not work if you are saddled with a large amount of debt or if your income is limited. Discuss this topic with your Minnesota bankruptcy lawyer to determine which option will work best for you, whether that means filing for bankruptcy or making alternative payment arrangements. Regardless of your final decision, the important thing is to make an active decision regarding your debt-ignorance is never a solution.
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