608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Debt management could be the right way to deal with some balances
When a Tennessee consumer is facing overwhelming debt, it can lead to various types of financial complications. One of the most frustrating consequences is the constant contact and attempts at collection by debt collectors and creditors. To make this stop and to deal with various types of unpaid balances, a consumer may consider filing for bankruptcy. While this is a helpful step for many, it is possible there is a better option through debt management.
Every financial situation is different, but bankruptcy may come with the possibility of losing significant personal assets. This is one reason why debt management may be a more reasonable and prudent option. One of the most reasonable alternatives to bankruptcy is to work with creditors on payments. An attorney can work on behalf of a consumer facing debt management issues, seeking lower payments and extending the payment period to provide the client with some relief.
There are also programs that help a consumer deal with debt. Debt consolidation loans, home equity loans and low-interest credit cards can be a beneficial solution that allows for the opportunity to manage payments more effectively. An assessment of the individual situation by an attorney can identify the most appropriate way forward for an overwhelmed Tennessee consumer.
Anyone considering bankruptcy may want to first consider options for debt management. This may allow a consumer to deal with past-due balances without going through the process of bankruptcy. However, it is beneficial to work with a legal ally in order to avoid complications and make choices that will be beneficial for the individual’s long-term financial health.
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608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
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