Goodlettsville Debt Negotiation Lawyer

Debt Negotiation Attorney in Goodlettsville, TN

Having debt is nothing to be ashamed of. By researching ways to navigate your debt, you are already taking the first step to taking back control of your finances. While it can seem overwhelming, working with a Goodlettsville debt negotiation lawyer can help ensure the debt you currently owe is reduced as much as possible.

Hire a Debt Negotiation Lawyer That Locals Trust

Born and raised in Tennessee, attorney Christopher Kerney of Kerney Law Firm has dedicated the last 25 years to helping his neighbors and community members during the most difficult times in their lives.

Our firm offers free consultations to those living in Goodlettsville and surrounding cities. When you come in to meet attorney Christopher Kerney, you won’t face any judgment. He can listen to the unique details of your situation and offer transparent legal guidance. Kerney Law Firm focuses on empowering clients so that they can regain control of their lives.

How to Get Out of Debt Without Filing for Bankruptcy

A town that prides itself on being a “good” place to live, Goodlettsville is home to hundreds of families and residents who have built their lives here. However, many of these residents may struggle with their debt and don’t know how to handle it.

In the United States, 90% of Americans have some form of debt. In 2024, the average Tennessee resident owed $54,700 in debt. Even though it’s common, our culture doesn’t discuss debt, which leads to more feelings of guilt. Discussing debt openly and being informed of how it works can help relieve the shame we feel.

Not everyone with a lot of debt needs to file for bankruptcy. Many people don’t realize they have the option to negotiate their debt. Debt negotiation is the process of working with your creditors to reduce the total debt you owe.

During this time, it’s important to hire a debt negotiation lawyer to represent you. Christopher Kerney is familiar with the tactics used by invested parties in cases similar to yours.

With his professional knowledge of debt resolution, he can protect your interests and legal rights throughout the entirety of your case.

What a Goodlettsville Debt Negotiation Attorney Can Do for You

In many cases, one or more debts can be resolved through direct negotiations with lenders. An attorney can help you with the following:

• Negotiating repayment timelines directly with your creditors
• Formalizing agreements that reduce your debt balance
• Lowering or eliminating interest altogether
• Establishing affordable payment schedules

Many people who are in debt are unsure about asking creditors to reduce their balance. It may seem like a long shot. However, lenders often prefer a negotiated settlement, even for a reduced amount, over the risk of receiving nothing if the person in debt files for bankruptcy.

Hiring a knowledgeable attorney also means that creditors must communicate through your lawyer rather than contacting you directly, providing you with added legal protection.

How Debt Negotiation and Settlement Affects Your Credit Score

While negotiating your debt can help reduce your overall balance, it can also affect your credit for up to seven years. Before deciding to negotiate debts, it’s important to understand the benefits and the risks.

Any negotiated debts will appear on your credit report with a status of “settled,” which can make it harder to get new loans or credit cards.

Despite this downside, debt settlement is worth considering. There are also other alternatives, such as a debt consolidation loan or a balance transfer credit card. During your consultation with Kerney Law Firm, you can speak with a Goodlettsville Debt Consolidation Lawyer to discuss what options may be right for you.

FAQs

What Types of Debt Can Be Negotiated in Tennessee?

Generally, unsecured debts can be negotiated in Tennessee. These are loans or balances that are not backed by collateral, and typically include credit card balances, medical bills, and some personal loans. Unlike secured debts, unsecured debts do not carry the risk of immediate repossession or foreclosure, which makes creditors more willing to negotiate a settlement.

What Types of Debt Cannot Be Negotiated in Tennessee?

Government and secured debts can’t be negotiated in Tennessee. Mortgages and auto loans are tied to collateral, which means lenders can repossess the property if payments are missed. Because of this, lenders usually require you to refinance. Tax debts owed to the IRS or the state typically can’t be settled. Child support and alimony also can’t be reduced through a settlement.

Can Federal Student Loan Debt Be Negotiated?

Federal student loan debt is not eligible for traditional debt settlement programs because it is backed by the government, which has its own rules for repayment and forgiveness. The federal government offers a variety of options to help borrowers manage these loans, including income-driven repayment plans, deferment, and certain forgiveness programs.

Can Private Student Loans Be Negotiated?

Private student loans are issued by banks or other financial institutions, so there may be a possibility of negotiation. However, many private lenders are reluctant to settle. Even when they do consider settlement, the process can be complex. Negotiating a settlement for a private student loan often requires proof of financial hardship and having a skilled attorney on your side.

What Is the Difference Between Debt Negotiation and Debt Consolidation?

The difference between debt negotiation and debt consolidation lies in how the debt is managed. The goal of debt negotiation is to reach an agreement where the creditor accepts a reduced lump sum or a payment plan that’s smaller than your original debt. Debt consolidation doesn’t reduce the overall amount you owe. Instead, it combines multiple debts into a single new loan or payment plan. This can lower your interest rate and give you a longer repayment period.

Choose a Trusted Tennessee Law Firm

Kerney Law Firm’s sole focus is bankruptcy and debt. No one should have to navigate debt alone. Contact our office today to learn how we can help you. Our team knows how easy it can be for debt to pile up and strives to help our clients seek a brighter future. You deserve to be debt-free.