Guiding You to a Brighter Future Without Bankruptcy

While bankruptcy is the best debt relief option for many people, others facing different circumstances may be better off choosing non-bankruptcy debt relief solutions.

At Prescott Pearson & Tande, PA, we advise clients regarding debt relief without bankruptcy. When we counsel you, we will develop a customized solution designed to address the root problem you face, whether that is an underwater mortgage, too many high interest debts, reduced income or another problem.

Options for Dealing With Unmanageable Debts

Reasons for seeking a non-bankruptcy debt relief solution vary. Some people may have a particular asset they wish to retain, such as a small business. For others, their budget may not allow it.

Some of the possible alternatives include:

  • Loan modification — If the problem is a particular debt, such as a mortgage loan, you may be able to negotiate better terms, including a lower interest rate, extended payback period or some combination of the two.
  • Deed in lieu of foreclosure — If the problem is a mortgage loan, we may be able to negotiate an arrangement whereby the lender agrees to cancel the mortgage debt and accept a deed to the property. When it is properly drafted, the agreement can enable the debtor to avoid a deficiency judgment.
  • Credit counseling — Credit counseling from a nonprofit agency is an attractive alternative for some people. You need to know, however, that your credit rating may be at risk and that you will be exposed to a potential collection lawsuit, repossession or foreclosure.
  • Debt consolidation — If you have too many debts at high interest rates, you may be able to consolidate them. With interest rates at record lows, this is an attractive option for some, and you may be able to do this on your own. You should be very wary of working with a debt consolidation agency, however.

Prescott Pearson & Tande, PA, has helped more than 70,000 people in Minnesota obtain debt relief through bankruptcy and non-bankruptcy means. In a free consultation, a lawyer at our firm can explain your options, their advantages and disadvantages, and recommend the right solution for you.

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

Free Consultation With an Attorney

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

For a free consultation with our attorneys, contact Prescott Pearson & Tande, PA, online.

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