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 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.

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 is the right decision. Our firm assists citizens in Nashville, Franklin, Brentwood, Hendersonville and neighboring Tennessee counties.