New York State Debt: The Basics

Statute of Limitations in New York

The statute of limitations in New York sets forth the maximum period of time, after certain events, that legal proceedings may be initiated. For debt, that statutes of limitation apply to the maximum period of time after the debtor has become delinquent on their account. Note that this means the period of time starts the day after you become delinquent, for example, the day after a payment was due on your debt.

The statute of limitations vary from state to state and also depend on the type of debt and where the original transaction took place. In New York State, the statute of limitations is six years for any type of debt.

If you are unsure if your debts are still within the statute of limitations, or to learn more about your rights as a consumer, it is recommended that you contact an agency that provides debt management in New York

Debt Settlement in New York

Another option is debt settlement in New York. This is when a company that provides debt management in New York negotiates with your creditors on your behalf to lower the principal amount of debts owed, and in some cases, also lower the interest rate on those debts. Because this type of debt relief eliminates some of the debt you owe through debt forgiveness, this can be a very appealing form of debt relief in New York.

It is important to realize that not all debtors will qualify for this option. More often than not, a debtor will qualify for New York debt consolidation programs, such as debt consolidation loans in New York. By working with an agency that will help you through the process of a debt management program in New York, you’ll be able to find out whether you qualify for debt settlement in New York or debt consolidation in New York.

Bankruptcy in New York

Filing for bankruptcy in New York should be considered your last resort option. This is because the bankruptcy process leaves a long-lasting negative effect on your credit score. Before starting the bankruptcy process, it is suggested that you seek out the help of an agency that offers help with debt relief in New York, such as Debt Quest. We will help you exhaust all other options for debt relief first, such as debt consolidation in New York.

There are several different types of options when filing for bankruptcy in New York, including bankruptcy chapter 7, bankruptcy chapter 11 and bankruptcy chapter 13.  When filing for bankruptcy in New York, it is important to speak with a professional to understand your rights as a debtor, including what properties may be listed as exemptions under the laws of bankruptcy in New York State.

Getting mounting debt under control or paid off can be a very stressful situation. However, by working with a company that provides debt management in New York, such as Debt Quest, you will have the peace of mind knowing that a trained professional will help you through the process of debt relief in New York. That professional will analyze your personal debt situation and recommend the best course of action for you to take, whether that option is debt consolidation in New York, credit counseling, debt settlement in New York and even bankruptcy in New York. It is possible to become debt free in New York.

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