Legal Question in Bankruptcy in Minnesota

Re: Debt settlement organization vs bankruptcy

If you could find a good and legitimate debt negotiation company it might be a better option then bankruptcy. But how do you know if you are working with a good company? There is no governmental oversight or regulation that applies to any of these companies. Also, some organizations like Consumer Credit Counseling are nonprofit corporations created by VISA and Mastercard. I don't think their goal is to genuinely help debtors. They are going to make sure that their debt settlements pay VISA and Mastercard 35 to 40 percent.

I've heard too many bad stories relating to these companies to be comfortable in recommending them as a real option. I think in the end, getting complete relief from your debts will hurt your credit initially, however, knowing your debts are definitely declared legally void is an emotional as well as economic triumph. PLEASE READ MY FIRM PHILOSOPHY. I would be happy to talk to you about your situation in more detail. Please call me at (763) 788-1000

Re: Debt settlement organization vs bankruptcy

A Chapter 7 Bankruptcy is a relatively sure thing, but these folks you are dealing with may not be able to deliver what they promise. They might even be crooks. Before you send these folks any money, consult someone like me about a Chapter 7.

Frankly, what you describe sounds ill advised.

Good luck.

Re: Debt settlement organization vs bankruptcy

Dear Rich,

I encourage you to visit my website

www.all-bankruptcy.com

I can tell you that many debt consolidation companies have been sued for fraud for charging way too much, and for making promises about creditors that cannot be kept.

There are 2 bankruptcies available to consumers - Chapter 7 and Chapter 13. From what I understand from your message either one will probably cost you far less then what you are scheduled to pay.

Generally there are 3 issues analyzed regarding bankruptcy:

1. Qualifying - this is determined by interviewing a client about income, expenses and assets. Most clients have no problem qualifying.

2. Asset protection - most clients lose no assets since the law provides categories of property up to certain dollar amounts that can be completely sheltered.

3. Debt dischargeability - this concerns whether the debt can be wiped out or not. The vast majority of debt is dischargeable. Student loans, taxes, and child support are generally not dischargeable.

As far as rebuilding credit there is information about that on my website. There are many avenues to reestablish credit shortly after a bankruptcy case is over. The fact is that for many creditors bankruptcy does not carry the negative stigma it once did. Generally, if a client applies himself it will not take anywhere close to 2 years to get new credit.

If you have any questions please contact me at

612-305-4338 or 651-331-9814. I have several meeting locations including downtown Minneapolis.

Thank you and good luck to you.

Ronald J. Lundquist

Bankruptcy Attorney

10 S. 5th St

Suite 700

Minneapolis MN 55402

E-mail: [email protected]