Negotiate Your Outstanding Debts

When dealing with debt, it may be to your advantage to negotiate the debt with the creditor. In some cases, a smaller amount owed or more flexible repayment schedule can be reached, allowing you to fulfill your obligations and the creditor have the debt settled.

Before taking any steps toward debt negotiation, it is essential that you talk through your options with a knowledgeable Minneapolis attorney at Prescott Pearson & Tande, PA We have more than 40 years of experience handling all aspects of debt collection and negotiation, and we put that experience to work for you.

"This is all we do, and we do it well." Call us or email us today to learn more about debts and bankruptcy from our skilled firm.

Negotiating Unsecured Debt

It is most common to work with your lawyer to negotiate unsecured debt. This is debt that is not secured by collateral, such as credit card debt and medical bills, and can more freely be negotiated. Our firm can advocate for you with the creditor, going back and forth with them as much as needed to ensure your best interests are being served.

Secured Debt Can Sometimes Be Negotiated

In some instances, when a debt is secured by collateral (such as a mortgage on your home), it can be much more difficult to negotiate. In many of these cases, you have to give up the collateral in order to deal with the money owed. However, this is not always the situation. It may be possible for us to negotiate with a secured debt creditor, such as a home loan lending institution or an auto loan lender, in order to address the debt that is owed. We can work with them and you to maintain the collateral whenever possible while working out the terms of the debt repayment.

Tax Implications of Debt Settlements

Once a debt has been negotiated, a settlement may be reached. A settlement means that the creditor has agreed to discharge part or all of your debt, often accepting a lesser total payment in order to fulfill your financial obligations. It is important to note that any remaining debt that was forgiven may be considered taxable, leaving you to pay future taxes on that amount. Before any settlements are reached or accepted, talk with us about what type of impact the debt negotiation and settlement may have on your life.

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

Contact Us To Discuss How We Can Negotiate Your Debt With Your Creditors

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

For a free consultation to discuss your specific situation, call us now or contact our firm online. We pride ourselves on offering 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.