Bankruptcy Alternatives in Minnesota

If you are like most people you probably do not want to file for bankruptcy. If you are reading this blog you are having financial issues and want to take care of them. If you do not want to file for bankruptcy your options are:

1. Pay your bills in full;
2. Settle your bills;
3. Set up a payment plan with your creditors;
4. Ignore the debt and hope it goes away;

The problem with the above options are that for most people they do not work. In order to make the above options work you need money to pay to the creditors, except for #4. If you had that money you would probably just keep making the monthly payments. In some instances people turn to debt consolidation to help with options two and three. In most cases those people would have been better off attempting to settle the debt without the debt consolidator. If they would settle the debt themselves they could avoid the fees and costs associated with debt settlement and probably get a better result. The only real instance where it makes sense to settle your debt instead of filing for bankruptcy, is if you have substantial assets that you could lose in a bankruptcy, if you do not have substantial assets, you should consult with a Minnesota bankruptcy lawyer to find out which option is best for you.