Finding Solutions for Debt Problems in Minnesota

Helping Minnesotans With Debt Problems Since 1975

Debt problems can be as varied as debtors who fall into a trap of unrelenting bills they cannot keep up with. When credit is easily obtainable and the cost of living puts a tighter and tighter squeeze on family budgets, any challenging situation can send finances into a downward spiral. At the Minnesota bankruptcy law firm of Prescott Pearson & Tande, PA, we have heard and seen evidence of many causes of debt and types of debt problems including:

  • Job loss or pay cuts at work
  • A medical crisis such as cancer
  • An on-the-job injury
  • Any type of injury, such as a brain injury resulting from a car accident or toxic poisoning
  • Divorce
  • Troublesome credit cards with overlarge credit limits or unexpectedly rising interest rates and minimum payments
  • Overaggressive home loan institutions that lead borrowers into mortgages that are doomed to fail over time as payments continually increase and interest adjusts upward
  • Overaggressive lenders who lure borrowers to establish home equity lines of credit that shift unmanageable debt to their most important assets: their homes
  • A natural disaster such as a tornado or flood
  • Military service that takes a breadwinning spouse to Iraq or Afghanistan, leaving the spouse at home with financial burdens similar to those of single parents
  • Injury or illness originating in military service — in many cases, mental illness or shattered nerves
  • Retirement arriving before a retiree has adequately prepared to continue funding a long-established lifestyle or deal with encroaching health problems on a reduced income

Solutions for many debtors in such situations include:

  • Credit counseling (a good idea that very often fails to correct the problem of unmanageable debt)
  • Debt settlement (often a good solution for one or two problem debts that are not enough to warrant filing bankruptcy but large enough to ruin a household budget)
  • Chapter 7 bankruptcy involving discharge of debts for debtors under certain income guidelines who can demonstrate eligibility by way of a means test
  • Chapter 13 bankruptcy: debt reorganization and repayment over three to five years

"This Is All We Do, and We Do It Well."

Call for a Free Initial Consultation

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

To learn more about how you can obtain debt relief and re-establish credit after filing Chapter 7 and Chapter 13 bankruptcy, call or contact our bankruptcy lawyers today. We offer free initial consultations, quality services at competitive rates and effective representation statewide.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.