Knoxville Debt Settlement Lawyer Negotiates with Clients’ Creditors

Skillful Tennessee attorney works to settle debts so individuals can move forward

Between credit cards, a mortgage, medical bills and other expenses, it’s easy to incur debt that can spiral out of control. Fortunately, you may be able to get out from under the burden of financial obligations. My Knoxville firm, William E. Maddox, Jr. LLC, Attorney at Law, has decades of experience negotiating settlements with creditors on behalf of Tennesseans who feared they were stuck with oppressive bills and payment schedules.

Beware of debt settlement companies

Debt settlement companies are businesses that purport to negotiate lower payments with your creditors. Generally, you pay money to the company and, after subtracting a fee, they are supposed to pay the agreed amounts to your creditors. Some of them are legitimate businesses, but others:

  • Fail to pay your creditors on schedule
  • Make fraudulent promises
  • Charge you exorbitant fees
  • Claim they are non-profit organizations when they are not

The Federal Trade Commission urges you to avoid any debt settlement company that:

  • Charges you a fee before it settles your debt
  • Claims to use a new government program to settle your debt
  • Guarantees that it will eliminate or substantially reduce your debt
  • Tells you to stop communicating with your creditors without warning you of the risks if you do
  • Claims it can stop all debt collection calls and lawsuits

Trusting your credit to dishonest debt settlement companies can put you in a worse position than if you did nothing. As an attorney, I have a fiduciary duty to my clients and therefore must make a good faith effort to address my debtor clients’ needs.

How an experienced attorney can help

As a knowledgeable, experienced attorney, I can offer special insight on ways to resolve debt concerns. To begin with, I am required to state up front and in writing what my fees are and to submit bills that detail the work I have done to earn those fees. Once your creditors learn you have an attorney handling their claim against you, they are legally obligated to stop communicating with you directly (which is not the case with debt settlement companies). I will review your financial situation and then outline your options, explaining the benefits and disadvantages of each choice. Then, I will recommend a course of action that I believe is best for you, given your circumstance and goals. This may include settling your debt on terms that are affordable to you, but might also include consolidating your debt, securing new loans for you or, if necessary, filing for bankruptcy.

If I do settle with a creditor, I help draft the resulting contract to ensure that it accurately represents the agreement and protects your interests if you abide by the agreement. Once it is finished, I will review the resulting document with you, explaining your rights and responsibilities and answering any questions you have before it becomes final. If I represent you, you will have the peace of mind of knowing that the process of settling your debts has been handled in a responsible and professional manner, based on your specific needs and concerns.

Speak with an accomplished Tennessee debt settlement lawyer in a free consultation

To learn more, you can contact William E. Maddox, Jr. LLC, Attorney at Law at 865-672-8496 or toll free at 865-672-8496. You can also reach me online. Initial consultations are always free. My office is in Knoxville.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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