How to Avoid Bankruptcy

Exploring Alternatives to Filing for Bankruptcy in Edina

Find the Right Financial Solution With Help From Our Debt Relief Attorneys

If you are experiencing financial hardships, you may be considering whether or not bankruptcy is the right path for you. At MLG Legal, our Edina debt relief attorneys can help find solutions to your financial plight even if that includes considering debt relief alternatives to bankruptcy. We understand that while bankruptcy may be the right decision for some, for others, there are debt relief options such as loan modifications, debt consolidations, and more that could help you avoid bankruptcy altogether. If you are searching for alternative financial solutions, the team at MLG Legal can help. Contact our Edina law firm today to schedule a consultation.

The Benefits of Pursuing Debt Relief With Our Edina Law Firm:

  • Debt relief solutions may help you to avoid filing for bankruptcy.
  • Debt relief can help to stop harassment from creditors.
  • You will have peace of mind that you are being proactive about your debt.
  • You may be able to pay your debts off in less time.
  • You will have the ability to forge a healthy financial future.

Non-Bankruptcy Debt Relief Solutions

Debt Consolidation
Debt Settlement
Loan Modification
Lease Negotiation

Reasons Individuals File for Bankruptcy — And Why There May Be Another Option

Medical Bills

Medical bills from unforeseen illnesses or injuries can add up quickly, especially if you don’t have health insurance. When an illness or injury occurs, you don’t necessarily have a choice of whether or not to pursue medical assistance, and this can leave you with an abundance of medical bills that seem impossible to ever pay down. Bankruptcy can seem like an attractive option when this occurs. However, there may be other debt relief options available if medical bills are your main financial concern. The team of debt relief attorneys at MLG Legal can help you explore these options to find what will work best for you.

Divorce Costs

With the lawyers fees, court fees, and other expenses associated with divorce, it’s easy to end up with significant debt after the process is over, especially if you will be responsible for alimony or other recurring costs in the future. It can seem like the financial stress just continues to pile on and, oftentimes, bankruptcy can seem like a solution to relieve you of some of that debt. And while bankruptcy may be your best solution depending on your individual situation, there may also be other debt relief options available. Speaking to Edina debt relief and bankruptcy lawyer will help you determine which path is right for you.

Foreclosures and Repossessions

Receiving notifications that your home is being foreclosed on or your car may be repossessed is scary. Losing the place you live or your way to get to and from work can make bankruptcy an attractive option, especially when you hear advertisements that filing for bankruptcy can stop foreclosures, repossessions, and other collections. And while for some, bankruptcy is the best way to keep their home or car, for many, there are other debt relief options. The world of debt relief and bankruptcy is complicated and it can be difficult to understand which path is really best, but when you have an experienced debt relief and bankruptcy attorney on your side, you can rest assured that you’re making the decision that will lead to a brighter financial future.

Credit Card Debt

When it becomes difficult to pay for necessities, many people turn to credit cards to purchase food, pay their utility bills, automobile loans, and even their mortgage. While this may seem like a feasible short-term solution, without a long-term plan, this can lead to bigger financial issues as interest collects month after month on these bills. If you’ve been using your credit cards to pay for necessities, or non-necessities, there may be viable debt relief solutions available to you. You can find out more about these alternatives to bankruptcy from our Edina law firm. Schedule a consultation and ask to speak to one of our experienced lawyers about ways to avoid bankruptcy.

Collection Harassment

If you’ve been receiving calls, emails, and notices in the mail from collection agencies that are beginning to border on harassment, it can be easy to think that bankruptcy is the only way out. But this simply isn’t true. Collection agencies are not allowed to harass you, whether you’ve filed for bankruptcy or not — and there are other debt relief options that will stop the calls, emails, and mail notifications as well. If this is happening to you, you’re not alone, and you should not allow them to intimidate you. The team at MLG Legal can stop the harassment and help you find a way to handle your debt in a financially responsible manner.

Loss of Job

Losing your job and your main source of income can be detrimental to your financial health. While it’s recommended that you should have between three to six months worth of expenses in an emergency savings account, this simply isn’t possible for everyone. If you have found yourself in a situation where you no longer have a steady source of income but your expenses have remained the same, you will likely find debt piling up quickly. And, while bankruptcy may seem like the only solution in a situation like this, if you address your financial situation before bankruptcy is the only solution, a debt relief attorney may be able to help you find alternatives to bankruptcy such as loan modifications, lease negotiations, or debt consolidations.

Pay Cuts

When a company finds itself going through a financial hardship, it will sometimes induce company-wide pay cuts to avoid laying off or furloughing employees. While it’s comforting to still have a job, it could mean that even though you were previously living within your means, you may find this is no longer the case. You may find yourself relying on credit cards and other means of credit more often, or missing payments on your home, car, or other loans, and you may start to think that bankruptcy is the only way out. But, at MLG Legal, our team of debt relief attorneys can assist you in finding alternative debt relief solutions to bankruptcy. You don’t always have to file for bankruptcy to achieve a fresh start — our experienced law team can help you find another way.

Is Debt Relief or Bankruptcy Right for You?

When deciding if bankruptcy or another debt relief solution is best for you, it’s important for our attorneys to assess your individual situation. Which route is right for you will depend on how much debt you have, the type of debt, your income, and other variables that are different for each of our clients. At MLG Legal, we take the time to get to know you and your needs in a one-on-one consultation so that we can create a financial recovery plan that will work for you. Contact our Edina attorneys today to schedule your consultation.

Alternatives to Bankruptcy

Finding a solution to your financial hardships does not always have to include filing for bankruptcy. At MLG Legal, we will help you explore your alternatives to bankruptcy including debt consolidation, debt settlement, loan modification, and more. Depending on your specific situation, you may benefit from one or more of these debt relief solutions more so than you would from filing for bankruptcy. Learn more today.

Debt Restructuring and Consolidation

Taking control of your finances can sometimes be as simple as restructuring or consolidating your debt. When you choose to go this avenue, you may be able to have fewer monthly payments to keep track of as well as lower interest rates. When you speak to the Edina attorneys at MLG Legal, we can help you determine if debt restructuring and consolidation would be both possible and beneficial for you.

Schedule a consultation with our Edina bankruptcy attorneys today to learn if you are eligible to file for chapter 13 bankruptcy.

Debt Settlement

Debt settlement, when handled by an experienced debt relief attorney, can help you achieve a pathway to a healthy financial future. At MLG Legal, we lean on our experience and expertise to determine if debt settlement is a viable alternative to filing for bankruptcy for your situation, and will then help you move forward with the process. If debt settlement sounds like it may be the financial solution that you’ve been looking for, contact our team of Edina attorneys today at MLG Legal.

Loan and Mortgage Modifications

If you are struggling with a loan or mortgage, but have not yet reached the point where bankruptcy is your only option, a loan modification may be an amicable solution. Our Edina attorneys may be able to help you lower your monthly payments and even get a better interest rate on your loan depending on your specific situation. 

Learn more today about how loan modification may be able to help you avoid bankruptcy.

Lease Negotiation

Lease negotiations are another avenue that may help you to avoid filing for bankruptcy. Having an experienced debt relief attorney on your side can help these negotiations go as smoothly as possible and provide you with the best possible outcome. With a successful lease negotiation, you could have lower monthly payments that are more manageable for the long-term so you can begin working toward a brighter financial future. If a lease negotiation sounds like it may help you avoid bankruptcy, the team at MLG Legal can help. Contact our Edina attorneys today.

Schedule a Consultation With Our Edina Debt Relief Attorneys

If you are searching for an alternative to bankruptcy, it’s time to speak to a debt relief attorney. Contact the team at MLG Legal to schedule a consultation with one of our Edina lawyers today to get started.