Ignore what you see on television ads, hear on the radio or advice from your next door neighbor. The aim of this article is to clear up some common misconceptions regarding bankruptcy alternatives. First, there is Debt Management. Debt Management programs are a form of consolidation of your existing unsecured obligations into one payment, usually at a lower rate, for an extended term. You send one monthly payment, for a pre-negotiated amount to a not-for-profit, North Carolina LICENSED debt management company, who then distributes payments each month to your creditors in the program until your debts are paid off.
Debt Settlement is the process which in North Carolina, only a NC licensed lawyer or not for profit consumer credit counseling company licensed in this state may perform. Debt Settlement involves contacting each of your creditors and negotiating reduced payoff balances, either in a lump sum payment or in a series of payments to settle your account in full. Dont confuse this with debt management… Debt settlement will, in fact, negatively impact your credit, and is a final effort to prevent bankruptcy as an alternative solution.
It is important that you contact a qualified, North Carolina licensed attorney familiar with bankruptcy to advise you as to whether management, settlement, or bankruptcy is the best option in your particular circumstance. Financial hardship can get worse if you fall victim to one of the many unscrupulous and illegal scams out there.
About the Author: Joseph M. Bochicchio, PLLC., is a licensed Charlotte, NC Bankruptcy Lawyer with nearly 2 decades of experience in finance and law. His Charlotte Debt Settlement Law Firm is committed to providing legal and ethical guidance for North Carolinians facing financial hardship.
About the Author: Joseph M. Bochicchio, PLLC., is a licensed Charlotte, NC Bankruptcy Lawyer with nearly 2 decades of experience in finance and law. His Charlotte Debt Settlement Law Firm is committed to providing legal and ethical guidance for North Carolinians facing financial hardship.
9 Responses to “Debt Management versus Debt Settlement. The facts, the myths, and the legends”
Joseph M. Bochicchio, PLLC
Debt Settlement and Bankruptcy Lawyers
Attorneys At Law
Bankruptcy Law Offices8440 Rea Rd. Suite L
Charlotte, NC
28277
704-543-2294
Debt Settlement Offices
368 Crompton St.
Charlotte, NC
28273
704-940-0353
Joe@debtlawhelp.com
Thank you very much. I am wondering if I can share your article in the bookmarks of society.
Dear Ricky-
Yes- I have actually updated it and added 2 more. My standpoint is to advocate legal and ethical advice.
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Glad the articles are helping… there is a world of confusion on these matters, and people need to be informed… one final note: be aware of scammers! there are lots of companies that are charging large up-front fees, and the heartburn of the attorney general in particular is that unscrupulous debt settlement companies are charging outrageous fees up front, and the issue is that debtors “pay into” accounts with up-front loaded fees, and therefore make little progress to actually settling debts.
A fair relationship is with a reasonable up front fee, reasonable monthly fees, and then immediate accumulation of funds so that settlement can begin in earnest within a few months of account opening.
Joseph Bochicchio is a very good man with much good advice. He will tell you honestly what to do and ease the stressors of financial hardships we all face in todays time. He is part of the solution and we are grateful we hired him.
Susan and Phil Matousek