Who is Debt Settlement for?
• Individuals with unsecured debt and payments in excess of income left over after “priority debt” is paid (i.e. mortgage/rent, autos, food, utilities, gasoline, insurances)
• Those in financial crisis who wish to avoid legal judgments and levies, and have a chance to work with creditors.
• Individuals who want protection from harassment and unfair collection practices
• Those who wish to avoid or cannot qualify for chapter 7 bankruptcy, or have assets in excess of available exemption limits (i.e. equity in a home, car, savings, etc.)
What is a Debt Settlement Program?
Debt settlement plans are offered by the Law Firm of Bochicchio & Pennebaker to clients with unsecured debts like medical bills, credit card bills, and in general for those seeking to reduce their debt burden while avoiding bankruptcy. It is not a “quick fix” or a fail-proof solution in all cases, but can be a very effective tool to avoid bankruptcy while also helping to manage around collection activities. During the financial analysis phase, we will assist you in identifying a reasonable set amount of funds that you will then begin depositing monthly into a trust account created expressly for you. We will direct you to stop paying your individual creditors. Our office will send each creditor a letter of representation stating that you are enrolled in a debt settlement program with our law firm and direct all collection calls to our office. As funds accumulate into your personal trust account, our firm begins negotiating with your creditors one by one. Once a creditor agrees to accept a reduced amount, the settlement offer is presented to the client for final approval.
It typically takes 2-5 years to complete the debt settlement program. The period of completion depends upon your total debt amount and trust account contributions.
When is Debt Settlement Right for You?
• Debt Settlement is the right option for individuals who are looking for the following benefits.
• Reduce debt burden and avoid bankruptcy
• A single monthly payment
• Waived late charges or over-the-limit fees
• Possible protection from judgments, levies, and some collection activities.
Why Use the Law Firm of Bochicchio & Pennebaker?
We are licensed attorneys in the state of North Carolina. In North Carolina, it is illegal for anyone besides a licensed North Carolina Attorney or a non-profit organization to provide this service, with few limited exceptions.
We provide our clients with everything in writing and complete access to view their account 24/7.
We have relationships and a course of dealing with many banks, creditors and collection agencies to effectively negotiate on your behalf. Collectors and banks also identify us with having the power to file for bankruptcy protection if they insist on aggressive collection practices, resulting in many cases in the creditors getting nothing as opposed to cooperating with us and getting a partial payment on the account.