How bad are your finances? Have you reached the point where you are considering bankruptcy, yet? Bankruptcy is a serious “red flag” and follows you the rest of your life. Aren’t there any bankruptcy alternatives?
The difficulty with money problems is that they can be so confusing. Some of the financial laws are rather arcane. The truth is that you can find the answers, if you know where to look. This debt settlement in Minneapolis, MN guide will explain where you can find the help, you need.
The State of Minnesota is known as the Gopher State. In 2015, Minnesota had a population of more than 5 million people. Its median household income in 2015 was $68,730 with a median Zillow Home Value Index (ZHVI) value of $202,800 for March 14, 2017. Minnesota is known for its 10,000 lakes, taconite mines and farms.
Wealth & Poverty
Generally, the state is considered to have very high taxes. The wealthiest suburbs in terms of (ZHVI) are Edina at $431,300 and Maple Grove at $259,600. The ZHVI for Minneapolis is $229,800. Duluth has a lower ZHVI of $146,800.
When is Debt Relief Right?
Have you searched though the sofa cushions for change, yet? Did you empty out your child’s piggy bank, yet? Everyone wants money.
The government wants you to pay your taxes. Your landlord charges penalties for late rent. Even your children “must have” the latest smart phone.
Do You Think I Am Made Out of Money?
If your bank account keeps going down and your bills keep going up, it might be time to get some financial help. Credit cards simply “kick the can down the road.” They put off the “Day of Reckoning” until one day, “it arrives.”
When you file for bankruptcy, you feel like you have failed. The courts become involved and you are now penalized with a “court judgment” being added to your credit score. It might take 7 to 10 years for a bankruptcy to be removed from your permanent financial records.
And still, you might suffer from the red badge of “bankruptcy.” Some might wonder if you are financially responsible after you filed for bankruptcy. But is there a bankruptcy alternative?
Why People Like Debt Relief
There are many reasons, why people are turning to debt relief in Minneapolis, MN. First of all, no one needs to know about it. You can be anonymous. The bankruptcy process is much more public.
Secondly, debt relief gives you options. It is not like choosing Chapter 7 or Chapter 13, you actually have more choices with debt relief. You can tailor a debt management plan that fits your circumstances and you don’t need any judge’s involvement.
With debt settlement in Minneapolis, MN, you can get real help without all the hassle. You can finally pay your bills, on time. You also might be able to sleep better at night.
Minnesota Debt Relief Laws
The State of Minnesota has listed its financial relief laws under Chapter 332B of its 2016 Minnesota Statutes – “Debt Settlement Services.” Here you will find the definitions, registration rules and “notification to debtor of settlement offer” guidelines. The Minnesota Attorney General publishes the following warnings about legal and illegal debt assistance:
In the State of Minnesota, a debt assistance company “must have resolved at least one of the consumer’s debts” before charging a fee. You can check with the LSS Financial Counseling Service or National Foundation for Credit Counseling to find reputable credit counseling organizations in Minnesota.
Credit counseling agencies might help you establish a “debt management plan” in Minnesota. This “should be tailored to your particular financial situation.” Each month, you will deposit money with the agency, which will work with your creditors to lower your interest rate or waive certain penalties.
Debt settlement in Minneapolis, MN involves negotiations with your creditors to help you cut your bills. You might be told to save your money in a savings account, until you can “negotiate a lump-sum payoff of your debt.”
Minneapolis Debt Resources
Minneapolis is associated with Saint Paul as the Twin Cities of Minnesota. If you have any problems with financial institutions, you should contact the Minnesota Attorney General. He is responsible for licensing and filing lawsuits against any potentially fraudulent entities. You can also look up any Minneapolis debt settlement firms, which have been sanctioned recently.
The process for debt settlement in Minneapolis is more fixed than in other states. Usually, it will involve you paying a third party, who will then negotiate with your creditors. Here are a few Minneapolis debt settlement resources:
- Debt Consolidation Minneapolis MN
- JUX Law
- Phillips Law Debt Negotiation Lawyer
You might not have to file for formal bankruptcy. With debt settlement in Minneapolis, MN, you have more control over your budget. You can also avoid the stigma of bankruptcy.