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How State Laws Affect Debt Relief Programs in New York

New York State Debt: The Basics

Though the state’s median income remains high, New York’s unemployment rate sits about a few percentage points above the national average. And in 2017, the average New York citizen had around almost $4000 in credit card debt, bringing the state in at 7th place for per capita credit card balance.

With those statistics, it’s no surprise that many are seeking debt relief in New York. Debt management services in New York, such as Debt Quest, can help guide you through the process of becoming debt free in New York. There are several options available to you, whether that is debt consolidation in New York, consumer credit counseling, debt settlement in New York, or as a last resort, bankruptcy in New York.

 

Debt Collection in New York

New York State follows a set of federal laws collectively known as the Fair Debt Collection Practices Act, or FDCPA. The state also has its own debt collection regulations that offer additional consumer protections. These protections include placing limits on how and where a debt collector may contact you, among other limits. New state regulations also went into effect in August of 2015 that apply to collection agencies or the purchaser of consumer debts. These new laws do not apply to the original creditor.

If you are being contacted by debt collectors in New York State or to learn more about your rights as a debtor when it comes to debt collection in New York, it is recommended that you seek the advice of an agency that provides assistance with debt relief programs in New York.

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 Relief in New York

If you feel overwhelmed with debt, Debt Quest can help you a debt management program in New York. There are several different options available to you to become debt free in New York State. These options include: debt consolidation loans in New York, credit counseling, debt settlement in New York and as a last resort, bankruptcy in New York (including bankruptcy chapter 7, bankruptcy chapter 11 and bankruptcy chapter 13). Several of these options can even help you save money in the long-run.

Our caring and trained professionals can help to educate you on your rights as a consumer. After they have analyzed your personal debt situation, they will then recommend the best course of action for you to take. We will then guide you through the process of debt management in New York.

Debt Consolidation in New York

This form of debt relief in New York is when you consolidate all of your debts into one loan, called a debt consolidation loan in New York. These debt consolidation loans in New York often have a lower interest rate, making the payment of your debts more affordable. Debt consolidation in New York in one of the most common options used by debt management services in New York.

Debt consolidation companies in New York will negotiate with your creditors on your behalf to set the terms of your new debt consolidation loans in New York. In some cases, once you have paid down enough of your debts through New York debt consolidation programs, some debt consolidation companies in New York may choose to move forward with debt settlement in New York.

It’s important to understand that debt consolidation loans in New York do not lower the principal amount of debts owed. Debt consolidation in New York only lowers the interest rate on the principal amount of debts owed.

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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How Much Can You Save?

How much debt do you owe?

$1

$100k+

What is your desired
monthly program deposit?

$1

$5000

Debt Quest Debt Settlement

$500

Your monthly
program deposit

$5,750 Savings

Your Savings

39 months to pay off your
current debt listed above.

Your monthly program deposit:
$500

Your Savings:
$5,750 Savings

39 months to pay off your
current debt listed above.


Debt Consolidation or Credit Counseling

$500

Your monthly
payment

You pay $14,478 more

No Savings

79 months* to pay off your
current debt listed above.

*Assumed average interest of 15%

Your monthly Payment:
$955

No Savings:
You pay $14,478 more .

36 months to pay off your
current debt listed above.

*Assumed average interest of 15%


Paying Minimum Monthly Payments

$500

Your monthly
payment

You'll Pay $29,199 More than you owe currently

No Savings

9 years* to pay off your current debt listed above.

*Assumed average interest of 20%

Your monthly Payment:
$500

No Savings:
You'll Pay $29,199 More than you owe currently.

32 years* to pay off your current debt listed above.

*Assumed average interest of 20%

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