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Three Tips on How to Gain Better Financial Stability

Steven C. Frazier, Attorney At Law April 10, 2023

Financial stability inscription on the sheetAmericans are experiencing a national credit debt of over $1 trillion, which has led to unfortunate realities across the country. For credit cards alone, the average APR is roughly 19.07%. Interest fees can be difficult to pay off or even pay down. When individuals in Tennessee struggle to pay these balances, it might be time to consider debt relief as they search for financial stability.

I have been practicing law for over 40 years and as a business owner, I understand the instability that we may have to face in the ever-changing market. Therefore, I strive in helping people anywhere in the state of Tennessee with all of their debt relief needs including debt consolidation, creditor negotiation, and bankruptcy. As a dedicated bankruptcy attorney, I know how difficult it can be to overcome a mountain of debt—but when working with me, individuals get the support they need toward reaching their financial goals. 

Any family or individual needing financial guidance as they navigate the debt relief process in Church Hill, Johnson City, Bristol, or anywhere in Northeastern Tennessee can count on me for skilled and compassionate advice. Set up a consultation to get started.   


For individuals who can no longer make their payments on time and are struggling to keep up with all of their payments, bankruptcy might be the way to go. Bankruptcy is the process of liquidating assets to get a fresh start on outstanding debt.   


One of the main advantages of bankruptcy is that it frees individuals of the debt owed to creditors. Typically, all of their debt is forgiven, and some might be paid off depending on the number of assets that individuals have. This means that individuals are no longer required to make those monthly payments, relieving them of the stress that comes with the inability to make the payments. Depending on the creditors, some debts may be relieved for a lot less than what is owed, and others may be forgiven entirely.   


Filing for bankruptcy is not an automatic guarantee of financial freedom, and it isn’t for everyone. Depending on the kind of bankruptcy filed, certain assets can be liquidated to pay off the debt. Filing for bankruptcy might cost individuals their businesses and it may be a very lengthy process.  

Creditor Negotiation  

In some instances, individuals can conduct a creditor negotiation to successfully attain debt relief. A creditor negotiation is a process of negotiating with the creditor in hopes of settling the remaining debt. This process is best handled by a professional who can help individuals understand their options toward creditor negotiation.   


Achieving a successful creditor negotiation can relieve individuals from debt that is limiting them from moving forward financially. It can also help individuals pay off their debt in less time. 


While it may seem like a great option, it can be difficult for creditors to agree to a settlement. Additionally, individuals who aren’t making their payments as they wait for a settlement may accrue late fees that can increase their debt. On top of that, the amount that is forgiven through a settlement is called canceled debt by the IRS, which usually considers this taxable income.   

Debt Consolidation  

Debt consolidation is the process of combining multiple credits into one loan, making it easier to manage the debt and the payments that need to be made every month. In other words, debtors can combine their outstanding individual debts into a single one, reducing their overall interest and monthly payments. 


Debt consolidation is perfect for individuals who are trying to lower their interest rates. Rather than paying the higher rates on multiple loans, the debt is consolidated on one single loan with a lower interest rate, saving money in the long run. Not only is this easier to manage but it also saves money that would otherwise be paid on interest rates.   


This might be the perfect option for those seeking some debt relief, but debt consolidation may require that individuals pay some upfront fees including fees to transfer the debt. Additionally, individuals may have a hard time finding a loan with a lower rate to begin with, so it can take some time to find the best option.   

Rely on Experienced Legal Counsel   

The process of seeking financial stability doesn’t have to be faced alone. Accurate legal advice is available to guide you and help you understand every single one of your options. At Steven C. Frazier, Attorney At Law, I’m ready to help you set financial goals and help you reach these goals. No matter where you live in Kingsport or the rest of Tennessee, let’s tackle your financial burden together.