Helping Minnesota Clients Keep Their Homes

Minnesota's Bankruptcy Law Firm for More Than 40 Years

The possible loss of your home is a nightmare. But for many homeowners, the prospect of this happening is all too real.

At Prescott Pearson & Tande, PA, we have answers for people who are at risk for losing their homes. We use the bankruptcy system and nonbankruptcy solutions to help our clients keep their homes and get debt relief at the same time.

Keeping Your Home

Filing bankruptcy puts an automatic stay hold on the foreclosure process. With a Chapter 13 bankruptcy, you can roll your past-due mortgage payments into your payment plan. The extra cash flow you receive can make it much easier to make your regularly scheduled mortgage payments.

A Chapter 7 bankruptcy stops foreclosure temporarily. But you can still be forced to give up your home, unless you can get current on your mortgage payments. For most people in this situation, that is not a real possibility, though the automatic stay can provide the time to find another place to live by extending the mortgage foreclosure process.

Our Minneapolis home foreclosure attorneys can review your situation and discuss your options, including the possibility of stripping off a second mortgage in Chapter 13 bankruptcy. We can also advise you regarding debt after foreclosure and the possibility of a deficiency lawsuit.

Giving Up Your Home

If your home is "underwater" (that is, if the outstanding mortgage of your home is larger than its market value), you may be better off letting the lender take it back. A lawyer at our firm can review your situation and provide you with the straightforward advice about your options. If we recommend that course of action, we will take care to develop a solution that avoids the possibility of a deficiency lawsuit.

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

Contact an Experienced Attorney from our Firm

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

What will happen to your house? Our attorneys have answers to that all-important question. Contact Prescott Pearson & Tande, PA, for your free consultation.

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