Goodlettsville Debt Consolidation Lawyer

Debt Consolidation Attorney in Goodlettsville, TN

Being in a substantial amount of debt is common and nothing to be ashamed of. Debt is often taken on to better our lives or in emergency situations. When you took on your debt, you were likely pursuing the right option for you at that time. Consider reaching out to a skilled Goodlettsville debt consolidation lawyer to help you find a way to settle your debt.

Hire a Debt Consolidation Lawyer With Years of Professional Experience

For 25 years, attorney Christopher Kerney of Kerney Law Firm has helped Tennessee residents take back control of their lives and finances. Born and raised in Tennessee, Mr. Kerney wanted to ensure his neighbors and community members could get the support they needed during times of financial struggle.

He knows how devastating debt can be and works tirelessly for his clients, pursuing the right options for their unique situation. Our firm offers free consultations to those living in Goodlettsville and surrounding cities in Tennessee, where you can speak with a Goodlettsville Bankruptcy Lawyer about your financial options.

The Reality of Debt for Tennessee Residents

The average age at which people take on debt in America is between 30 and 59. During this time period, people typically start completing major life goals, such as buying a car or a home. A person’s mortgage tends to be their biggest debt. In 2023, the average home value in Goodlettsville was $355,000, making it likely that most residents won’t be able to buy their home with cash.

With Goodlettsville sitting just north of Nashville, a city with a rapidly rising cost of living and housing prices, many families in the area may carry car loans, mortgages, and credit card debt that can become unmanageable fairly quickly.

Bankruptcy is a scary word for people to consider. The average bankruptcy rate in Tennessee is approximately 2.44 per 100,000 people. However, you don’t have to assume the worst just because you’re in a lot of debt.

Before pursuing bankruptcy, hire a debt consolidation lawyer to look over your situation. Working on a solid plan to consolidate your debt can be life-changing.

How Debt Consolidation Works

If you’re struggling to keep up with multiple debts, a debt consolidation loan might help. This type of loan combines several debts into one. In 2023, there was an average of 2.3 people per household in Goodlettsville. The city is a common place for Tennessee residents to raise their families, but doing so means the potential of taking on more debt.

While a mortgage may be a planned expense, family emergencies can result in residents taking on medical debt or personal loans. The more people you have in your family, the higher the chance of accumulating debt. In 2024, the average Tennessee resident owed $54,700 in debt.

Instead of making multiple payments each month, debt consolidation allows you to combine all of your debt and make a single payment until the debt is paid off. Debt consolidation can:

1. Simplify your finances
2. Help you pay your debt faster
3. Help build your credit over time through regular, on-time payments
4. Help build your credit by lowering your credit utilization ratio
5. Stop collection calls, as long as you make your monthly payment on time

When you’re ready to take out a debt consolidation loan, you can work with attorney Christopher Kerney to compare different lenders to find the most favorable interest rates and terms.

A loan with a high interest rate could cost more in the long run than paying your creditors directly. The goal is to reduce your debt efficiently, and this varies for everyone.

Things to Consider When Consolidating Your Debt

Although a great way to deal with overwhelming debt, debt consolidation loans have some drawbacks. These include:

• Lowering your credit score temporarily, which may make it harder to qualify for other loans or credit cards
• Paying more due to interest rates and fees

It’s also important to know how long it may take to pay off your debt with the proposed monthly payment. If it seems too long, consider looking at another lender. Only agree to a monthly payment you can comfortably afford.

FAQs

What Is the Difference Between Debt Consolidation and Debt Negotiation?

Debt consolidation and debt negotiation are two different ways to manage debt. Debt consolidation combines multiple debts into a single loan to make one monthly payment. The goal is usually to simplify payments, but you still owe the full amount of your debt. Debt negotiation means negotiating with your creditors to reduce the total debt you owe. While debt negotiation can lower your debt quickly, it can also have a bigger impact on your credit.

What Types of Debt Can Be Consolidated?

Unsecured debt can be consolidated. People often consolidate credit card debt because it’s usually high-interest and can be difficult to manage when you have different due dates and balances. Combining these balances into a single loan can make payments easier to track and may reduce the overall interest you pay.

Other types of unsecured debt, like medical bills, personal loans, and payday loans, can also be included in a consolidation plan. Student loans can sometimes be consolidated, too.

What Types of Debt Cannot Be Consolidated?

Secured debts, like mortgages, auto loans, or loans for other types of property, typically cannot be consolidated because they’re tied to collateral. Consolidating these types of debt could put your property at risk if you fail to make payments. Other debts that are harder to consolidate include some tax debts or court-ordered payments. During your consultation with attorney Christopher Kerney, he can explain what debts apply in your circumstances.

Can I Consolidate My Debt if I Have Bad Credit?

It is possible to get a debt consolidation loan even if you have bad credit, though it can be more challenging. You may have better luck with online lenders or credit unions that are willing to work with borrowers with poor credit. Another option is to have a cosigner with good credit. These approaches can increase your chances of approval and may help you qualify for better loan terms.

Choose a Trusted Debt Law Firm in Tennessee

When dealing with the effects of debt, you need a lawyer who understands what Tennessee residents deal with in their daily lives. Christopher Kerney is a proud Tennessee native and a pillar in the state’s legal community. Reach out to Kerney Law Firm today to learn how we can assist you with your debt.