Debt Relief Programs in New York
Many New York residents are burdened by large monthly debt payments and sizeable outstanding balances. Credit card debt, personal loan debt, car debt, medical debt and other forms of debt can make positive financial progress impossible, and even meeting monthly obligations becomes challenging in many cases.
While some residents who are in these types of situations declare bankruptcy, filing bankruptcy is often not the only possible solution. A debt relief program may offer another way out of unbearable debt.
Debt relief programs for New Yorkers are made available to almost anyone who struggles with debt payments. Debt settlement companies servicing New Yorkers have programs to assist with credit card debt relief, car debt relief, medical debt relief and other forms of debt.
If the above circumstances describe your situation, find out how a New York focused debt settlement program could help you.
What is New Yorker Debt Relief?
New Yorker debt relief is a way out of debt for any residents who struggle under the financial burdens of credit cards, unsecured loans or outstanding bills. The goal of debt relief is to relieve the pressure that unmanageable debt causes, by either lowering monthly payments and/or lessening the total debt load.
One of the most common New York debt relief options is debt settlement. New York targeted-debt settlement programs temporarily stop payments on outstanding unsecured debts while a participant saves up a manageable amount each month. The savings are held in an FDIC insured savings account, and the company uses those savings to negotiate settlements on the outstanding accounts. The debt negotiation tactics used typically have participating pay off their qualifying debts for less than is actually owed.
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Will a Debt Relief Program Hurt My Credit Score?
Debt relief programs will likely impact your credit score, because your score is largely based on your outstanding debts, debt utilization, payment history and similar factors. Debt settlement that involves debt negotiation will almost certainly affect your credit, but the affect will be much less than that of a bankruptcy. Additionally, you can usually begin to reestablish your credit shortly after completing a debt settlement program. The actual impact on people’s borrowing abilities is normally quite manageable.
In New York is Debt Relief Legitimate?
Century Support Services offers a well-established debt relief program that many people have successfully followed. When choosing a program, you should look for an organization that has a proven track record in New York and helped eliminate millions of dollars in debt. To learn more about what Century has done, check out their clients’ stories.
Benefits of Debt Settlement
The primary benefit of debt settlement (or any debt relief program) is regaining control of your finances. Debt settlement, specifically, has several distinct advantages:
Select a monthly payment that’s manageable for you
Pay off outstanding debts for less than is owed
Let a professional handle debt negotiations
Reduce or eliminate your debt load
With a 95.4% customer satisfaction rating, Century Support Services has settled over $1.3 Billion in debt, across more than 250,000 clients. We have the resources and the expertise to resolve your financial burdens.
Frequently Asked Questions about Debt in New York
Debt collectors are allowed to garnish New Yorkers' wages after getting a judgement. Garnishments can be up to 10 percent of your gross wages or 25 percent of your disposable income (if this is more than 30 percent of minimum wage). The lesser of the two figures is used to determine the maximum garnishment.
New York residents won’t be jailed for unpaid civil debts. Credit card debt, personal loan, debt, auto debt and medical debt can’t result in jail time.
Unpaid child support or taxes, however, may lead to jail time if they remain seriously delinquent. These two types of debt aren’t “civil debts.”
Judgements last for 20 years in New York. After this time, a judgement is no longer enforceable.
New York allows creditors to place a lien on your house if they have an unpaid judgement. This theoretically could allow creditors to force the sale of your house, but few ever do. Instead, most creditors wait for a house to be sold or refinanced before they collect on a lien attached to the property.
Debt and Financial Resources for New York Residents
If you are a New York resident who needs help with credit card or other types of unsecured debt, contact us to see if you qualify.