Alternatives to Filing for Bankruptcy in Bloomington, MN
Bankruptcy may not be the only option available to resolve your financial problems. At the Gale Law Firm of Bloomington, MN, we take the time to fully understand your individual situation. If we determine that filing bankruptcy is the best option for your current circumstances, you can trust that you are in good hands.
Because Gale Law Firm has a broad range of experience in all areas of the law, we can advise you in a wide variety of other matters related to your current financial situation.
If we feel that filing for bankruptcy is not best for your situation, we can guide you to alternative options which best suit your situation. We can also refer you to a number of organizations that can help you deal with the underlying situation, such as a local non-profit credit counseling agency.
Bankruptcy alternatives may include:
- Credit/Debt Counseling- Through credit/debt counseling, you may be able to set up a debt management plan in which you are allowed to slowly pay off your debt with lowered credit interest rates or waived late fees.
- Debt Settlement- In some cases, you may be able to negotiate with creditors to pay less than your outstanding debt. However, this can have negative effects on your score.
- Liquidation of Assets- Whether it be a vehicle or stock, anything you own of significant value can be sold or liquidated, allowing you pay off your debts quicker and more easily.
- Debt Consolidation Loan-A debt consolidation loan will allow you to cover your debts. However, it often requires using the equity of your home and, if not paid off, you could risk losing your home.
At Gale Law Firm, we understand that bankruptcy may not be the best option for your situation. That’s why we’re dedicated to guiding our clients to alternatives that will benefit them the most. For a free, no obligation consultation, please contact our Bloomington, MN, office today at (952) 888-5920.