Memphis-based bankruptcy law firm specializing in Chapter 7 and 13 bankruptcy, foreclosure defense, and debt relief for individuals and businesses. Led by attorney David N. Arnold with nearly two decades of experience.
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The Arnold Law Firm is a debt relief law firm based in Memphis, Tennessee, founded and led by David N. Arnold, Esq., who brings nearly two decades of experience representing clients facing financial hardship. The firm serves individuals, families, and businesses throughout Memphis and West Tennessee, positioning itself as a comprehensive resource for navigating complex financial and legal problems. The firm's website emphasizes a client-centered approach, stating that it combines wide-ranging experience to offer comprehensive representation tailored to each client's unique circumstances.
The Arnold Law Firm offers a broad range of bankruptcy and debt relief services. Primary offerings include Chapter 7 and Chapter 13 bankruptcy filing for consumers, as well as business bankruptcy (Chapter 7, Chapter 11, and Subchapter 5) for business owners. Beyond traditional bankruptcy, they handle related issues including wage garnishment defense, vehicle repossession prevention, foreclosure defense, creditor harassment claims, bankruptcy-related divorce matters, and driver's license suspension issues. They also provide debt relief services for specific debt types including credit card debt, tax debt, medical debt, and student loan debt. Additionally, the firm offers probate and personal injury legal services.
The firm distinguishes itself through several positioning elements. David N. Arnold's personal involvement and nearly two decades of bankruptcy experience is prominently featured. The firm emphasizes providing "straightforward advice" and building relationships on "honesty and trust." They market their ability to handle clients' "unique needs and goals" rather than one-size-fits-all solutions. The website includes educational content (blog posts) addressing common bankruptcy misconceptions and specific issues like personal injury settlements during bankruptcy. Free consultations are offered, and the firm serves the broader West Tennessee region, not just Memphis proper.
However, prospective clients should note limitations inherent to the business model. This is a law firm focused on legal representation, not credit repair or alternative debt management—bankruptcy has significant long-term credit consequences despite providing debt relief. The firm's attorney, while experienced, operates as a solo or small practice (indicated by the singular focus on David N. Arnold), which may affect availability or capacity during high-demand periods. No information is provided about fee structures, success rates, or client testimonials beyond the mention of a "Reviews" section on the website (content not provided). The practice is geographically limited to Tennessee, primarily Memphis and West Tennessee.
Yes. The Arnold Law Firm is a registered company, headquartered in Memphis, TN.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
The Arnold Law Firm is best for Memphis and West Tennessee residents or business owners actively seeking bankruptcy filing or related debt relief legal representation. The primary caveat is that bankruptcy is a serious legal remedy with lasting credit consequences—this firm is not a debt consolidation or credit repair alternative, but rather a bankruptcy attorney practice for clients who have exhausted other options or whose financial circumstances warrant formal bankruptcy proceedings.
Houston-based bankruptcy law firm specializing exclusively in Chapter 7 and Chapter 13 filings since 1999. Led by Christopher T. Morrison with a focus on debt relief and financial fresh starts.
Best for: Texas residents overwhelmed by debt and creditor harassment seeking Chapter 7 or Chapter 13 filing, Individuals skeptical of debt consolidation or loan modification schemes preferring legal bankruptcy protection
Community National Bank & Trust of Texas is a locally-focused community bank serving 18 Texas communities since 1964, offering personal and business checking, savings, and online banking services.
Best for: Texas residents in CNB&T's 18 service communities seeking personal relationship-based banking, Small business owners needing dedicated business checking and local lender support
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Best for: Crowley, Texas and Fort Worth residents seeking personalized, community-focused banking, Small business owners needing dedicated business checking, savings, and loan products
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
When you fail to repay a loan according to the agreed terms — usually after 90-180 days of missed payments. It's the point where the lender gives up on collecting normally.
Default triggers severe consequences: credit score drops 100+ points, the debt may be sent to collections, you could be sued, and your wages or assets could be seized.
Example
You miss 4 consecutive car payments. The lender declares your loan in default, repossesses your car, sells it at auction for $8,000, and you still owe the remaining $5,000 (called a deficiency balance).
A federal agency created in 2010 to protect consumers from unfair financial practices. They write rules, supervise financial companies, and handle consumer complaints.
The CFPB is your most powerful ally against predatory lenders. Filing a complaint with them gets a response from the company within 15 days — companies take CFPB complaints seriously.
Example
A debt collector calls your workplace after you told them to stop. You file a CFPB complaint online. Within 15 days, the collection agency responds and agrees to stop. The CFPB tracks complaint patterns across all companies.
A federal law that limits what debt collectors can do. They can't call before 8am or after 9pm, can't harass you, can't lie, and must stop contacting you if you request in writing.
Knowing your FDCPA rights stops abusive collection tactics. If a collector violates the law, you can sue for up to $1,000 per violation plus attorney fees.
Example
A collector calls your workplace 3 times after you told them not to. That's 3 FDCPA violations. You hire a consumer attorney (free — they get paid by the collector). The collector settles for $3,000.
A court order that requires your employer to withhold part of your paycheck and send it directly to a creditor. Usually happens after a creditor sues you and wins a judgment.
Federal law limits garnishment to 25% of disposable income. Some states have lower limits. Student loans and taxes can be garnished without a court order.
Example
You owe $8,000 on a defaulted credit card. The bank sues, gets a judgment, and garnishes your wages. On a $3,000/month net paycheck, they take $750/month until the debt is paid.
A time limit (typically 3-6 years, varies by state) after which a creditor can no longer sue you to collect a debt. The debt still exists, but they lose the legal power to force payment.
Knowing your state's statute of limitations prevents you from being tricked into paying debts that are legally uncollectable. Beware: making a payment can restart the clock.
Example
You have a $3,000 credit card debt from 2019. Your state has a 4-year statute of limitations. In 2024, a collector calls demanding payment. The statute has expired — they cannot sue you.
A type of bankruptcy where you keep your assets but follow a court-approved 3-5 year repayment plan to pay back some or all of your debts. Stays on credit for 7 years.
Chapter 13 is better than Chapter 7 if you have a home or assets you want to keep. It can stop foreclosure and let you catch up on mortgage payments over 3-5 years.
Example
You're 3 months behind on your mortgage and have $30,000 in credit card debt. Chapter 13 stops foreclosure and puts you on a 5-year plan: you pay $600/month to catch up on the mortgage and pay 40% of the credit card debt.
A type of bankruptcy that wipes out most unsecured debts (credit cards, medical bills) by liquidating non-exempt assets. It stays on your credit for 10 years.
Chapter 7 gives you a fresh start but at a steep cost: 10 years on your credit, difficulty getting loans, and you may lose assets. Income must be below your state's median to qualify.
Example
You have $45,000 in credit card debt and earn $35,000/year. Chapter 7 erases the debt. You keep exempt property (basic car, household items). Your score drops to ~500 but you're debt-free.
When a creditor declares your debt a loss after 180 days of nonpayment and removes it from their books. But you still owe the money — they just stop expecting to collect it themselves.
A charge-off is one of the most damaging entries on your credit report and stays for 7 years. The debt is usually sold to a collection agency who will pursue you for it.
Example
You stop paying your $4,000 credit card. After 180 days, the bank charges it off and sells the debt to a collector for $800. The collector now contacts you demanding the full $4,000 (they profit from what they collect above $800).
When an unpaid debt is transferred or sold to a third-party collection agency that specializes in recovering the money. Collection accounts appear on your credit report for 7 years.
Even a $50 collection account can drop your score 50-100 points. Some newer FICO models (FICO 9) ignore paid collections, but many lenders still use older models.
Example
An old $200 gym bill goes to collections. It appears on all 3 credit reports and drops your 720 score to 640. Paying it helps with newer scoring models but under FICO 8 (still widely used), a paid collection still hurts.
Combining multiple debts into one single loan with one monthly payment, ideally at a lower interest rate. It simplifies repayment and can reduce total interest.
Consolidation works best when you get a lower rate than your existing debts. But it doesn't reduce what you owe — and extending the term can mean paying more total interest.
Example
You have: $5,000 at 22% (credit card), $3,000 at 18% (store card), $2,000 at 25% (payday loan). A $10,000 consolidation loan at 11% saves you ~$2,100 in interest over 3 years.
Negotiating with creditors to accept less than the full amount you owe — typically 40-60 cents on the dollar. Usually done after you've already fallen behind on payments.
Settlement can save thousands, but it severely damages your credit (settled accounts show for 7 years) and the IRS may tax the forgiven amount as income.
Example
You owe $15,000 on a credit card and negotiate a settlement of $7,500 (50%). You save $7,500 but: your credit drops 100+ points, the account shows 'settled' for 7 years, and you may owe taxes on the $7,500 forgiven.
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example
You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
A court ruling that says you legally owe a specific amount to a creditor. It gives the creditor power to garnish wages, freeze bank accounts, or place liens on your property.
Judgments are enforceable for 10-20 years (varies by state) and can be renewed. They give creditors far more collection power than a simple unpaid debt.
Example
A credit card company sues you for $8,000 and wins a judgment. They can now garnish 25% of your paycheck ($750/month on a $3,000 net salary) and freeze your bank account.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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