Nashville Debt Settlement Attorneys Help You Determine the Best Option for Your Financial Situation
We understand the personal and professional hardships that overwhelming debt causes
Suffocating debt can impact every avenue of your life, including your personal relationships, your work life and your mental health. Figuring out how best to resolve debt is challenging. There are many options that may work, depending on your specific set of circumstances. At The Nevin Law Firm, our dedicated father-son legal team thoroughly analyzes your debt situation and walks you through each potential resolution. Our extensive experience and compassionate Nashville debt settlement attorneys enable you to make well-informed decisions about your finances and ultimately, rise above your debt.
What is the difference between debt settlement and bankruptcy?
Determining whether debt settlement or bankruptcy is best for you means understanding what each option means. Debt settlement, frequently called debt arbitration or debt negotiation, is an approach in which debtors and creditors agree on a repayment amount that is less than your original debt. The method usually is conducted with the help of a debt settlement company or an attorney. Before agreeing to debt settlement, consider the positives and negatives.
Debt settlement pros include:
· Protected reputation – Debt settlements can be less damaging to your reputation because they are not a matter of public record. While, debt settlements can have a negative effect on your credit score, they may be less harmful than a bankruptcy filing.
· Cost-efficiency – Debt settlement allows you to pay less than the total amount of your debt, thus potentially saving money in the long run.
· Liquidation avoidance – The debt settlement approach may help you in avoiding asset liquidation through bankruptcy.
Debt settlement cons include:
· Taxes – In many cases, you still have to pay taxes on forgiven debt.
· Scams – Some companies offering debt settlement programs may engage in deception and fail to deliver on the promises. For example, the Federal Trade Commission warns of companies that falsely guarantee to settle all your credit card debts for 30 to 60 percent of what you owe.
· Increased debt – Some companies try to collect their own fees from you before they have settled any of your debts, resulting in increased debt.
It’s easy to be misled by some debt settlement companies that purport to help people get out of debt quickly. That’s why it’s essential to make sure you have the right legal advocate on your side. At The Nevin Law Firm, you can expect honesty, forthrightness and the strongest client loyalty from our attorneys. Let our experienced team of Nashville debt settlement attorneys get started on your case today.
Why choose bankruptcy?
By filing for bankruptcy, those in debt can alleviate or restructure debt while under the protection of federal law. The two most common types of bankruptcy are: Chapter 7 and Chapter 13. Chapter 7 bankruptcy enables debtors to eliminate many types of debt, while Chapter 13 bankruptcy helps you restructure debts through supervised repayment plans. However, there are advantages and disadvantages to this approach.
Common pros of bankruptcy are:
· Property detainment – If you have a steady income, Chapter 13 bankruptcy enables you to keep property – such as a mortgaged home or car – that you otherwise might lose. Both bankruptcy types may stop for closures, repossessions, garnishments and utility shut-offs.
· No taxes – Filing for bankruptcy does not subject you to a tax on forgiven debts.
· Fresh start – Bankruptcy provides debtors who are unable to repay debts with a new beginning.
Cons of bankruptcy include:
· Reputation impact – Bankruptcies are public record and can potentially harm your reputation.
· Credit rating – Filing for bankruptcy lowers your credit score and can stay on your credit history for years.
· Strict monitoring – If you file a Chapter 13 bankruptcy case, you are placed on a strict budget for several years and may not obtain credit during that time without a court’s permission.
When it comes to determining your best option for resolving debt, having an experienced legal partner is key. Our dedicated Nashville debt settlement attorneys at The Nevin Law Firm have spent decades counseling clients on lifting their debt burden. We can help you figure out whether debt settlement or bankruptcy is the right decision. Our firm assists citizens in Nashville, Franklin, Brentwood, Hendersonville and neighboring Tennessee counties.
Nashville debt lawyers
get you back on your financial feet after a debt crisis
It’s normal to feel overwhelmed when debt is consuming your life. Often, people wonder if they can ever overcome the weight of debt and live a normal life once again. The attorneys at the Nevin Law Firm understand the hopelessness that stems from stifling debt. Allow us to help you get started exploring your debt options today. Contact our debt settlement team at (615) 244-7708 or online today to discuss the best debt resolution solution for you and your family. Our office is conveniently located within blocks of the Tennessee State Capitol and is easily accessible by public transportation via the Music City Central transit station. Our firm accepts credit and debit cards, and payment plans are available.