Minnesota Litigation Attorneys

Credit Management and Repair Without Bankruptcy

With the risings costs of basic necessities such as groceries and rent, not to mention gas for our cars, along with wage freezes and layoffs, it is easy for even the most careful spender to become overwhelmed and allow credit card balances to creep up farther than we ever thought possible.  At Parker & Wenner our attorneys deal with these situations every day; we stop the harassing calls and deal with credit card companies and bill collectors directly for you.  We negotiate with credit card companies and their assigns to lower your payments so that you keep control of your accounts and avoid filing for bankruptcy.  We charge a flat fee based upon the number of creditors – there are no subscription fees, start up fees or monthly “maintenance” fees.

Here’s how we do it.

Debt Relief in Minneapolis

Our first step is always to meet with you, get a list of your creditors and pull a credit bureau to see who is saying what about you.  Knowing your credit picture, we then send letters to your creditors instructing them to deal only with our experienced attorneys.  This will stop the calls and letters to your home and cell phone.  We will also help you develop a budget to work within your means so that you manage your expenses and reduced your debts!  Based on this budget we will then work with your creditors to arrange affordable payments or payoff for you.  Here is where Parker and Wenner differ from the so-called credit counselors we deal directly with your creditors on your terms while you stay filling informed and in control of your accounts.  We do not take your money and make payments for you – you stay in control of your finances, and we help you discharge debt without bankruptcy.
Credit card companies want your money.  Once credit card companies realize that you are having financial difficulty, and in a position of insolvency they are willing to work with our attorneys and reduce your bill by 65 – 85 percent!  We will negotiate on your behalf to obtain the lowest payoffs possible.

Creditors have their own policies on reporting debt write-off to credit bureaus. Fair, Isaac and Company, who produce the FICO credit score that many lenders use, are on record that they will not deduct any points from your score for being on a DMP. Having fallen behind in your payments, a DMP may improve your chances of getting credit in the future since you will have repaid your (negotiated) debts in full.  Banks and creditors want customers to take responsibility for their obligations; unlike most bankruptcy, working with the credit company to repay your debt tells banks that you are willing to be responsible for your own obligations.

Bankruptcy should be a last resort solution.  The consequences of filing bankruptcy can reach far beyond your credit report as a bankruptcy is also a public record.  Filing bankruptcy can impair your ability to rent an apartment, purchase auto insurance and may even impact a real estate purchase you make in the future.  If, however, it is determined that bankruptcy is an appropriate action, we will work with you to insure you receive appropriate counseling in that regard.

For help with your debts, call Parker & Wenner at 612-355-2200 for a free telephone consultation or visit our website at www.parkerwenner.com.  We will help you evaluate your credit risk, work with you to create a realistic budget and negotiate on your behalf to obtain payments you can afford.