Debt Settlement in North Carolina
When debt becomes too much, and paying creditors is a fruitless endeavor that drains your finances without resolving your debt, the best solution is often debt settlement. Debt settlement in North Carolina and elsewhere is a settlement negotiated with a lender for a lower oustanding balance on a debt. The lender usually receives a lump sum payment that is less than the outstanding debt. The law firm of John F. Hanzel, P.A. is an experienced North Carolina debt settlement service. We help you negotiate with your lenders to reach an affordable solution for your debt problem.
North Carolina debt settlement service
When considering your debt resolution options, it is important to understand the difference between debt settlement in North Carolina and other options, such as consolidation. In consolidation, you continue to make payments to your lenders at a consolidated interest rate and debt balance. However, in debt settlement, you stop paying creditors and place your payments into a separate account or trust until creditors agree to a negotiated payment. Stopping debt payments is a useful negotiating technique. When creditors realize their harrassing phone calls are not successful and that no payments are forthcoming, they are usually willing to negotiate an affordable settlement. This benefits both the creditor, who gets paid, and the borrower, who makes a one time payment and obtains debt forgiveness in North Carolina.
Debt settlement and forgiveness
Once you obtain a debt settlement, the balance of the loan is generally forgiven or eliminated. In North Carolina debt elimination or forgiveness, the debtor avoids bankruptcy and collection and other adverse actions, including further harrassing phone calls from creditors and late fees and penalties. Although you must still pay taxes on the forgiven debt and your credit scrore is still affected, the money saved and peace of mind obtained by settling with a creditor is often worthwhile. In addition, once you settle the debt and obtain debt elimination in North Carolina, you can begin to pay your bills on time and avoid late fees, allowing you to build up your credit over time.
Contact the North Carolina debt solution
At the law office of John F. Hanzel, P.A., our attorneys strive to help you understand your legal options and obtain the best debt solution for your circumstances. Our North Carolina debt settlement service helps you analyze all your debt relief options, including debt management, consolidation, settlement, and even bankruptcy. Contact John F. Hanzel, P.A. today for your debt solution in North Carolina.
