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Options For Clearing Debt New York

A guide to the benefits and disadvantages of different ways one can get out of debt. It discusses consolidation, bankruptcy, and debt relief programs.

Local Companies

Olsson & Feder LLP
(585) 563-3481
1580 Elmwood Ave
Rochester, NY
First Command Financial Planning, Inc.
(646) 789-6787
1230 Avenue of the Americas
New York, NY
Debt Solution Services, Inc
347-312-2148
1300 Ave M
Brooklyn, NY
Ulster Savings
(845) 338-6322
180 Schwenk Drive
Kingston, NY
Bank of America
(845) 255-6830
1 New Paltz Plaza
New Paltz, NY
Citizens Bank
(845) 256-3802
271 Main Street
New Paltz, NY
Empire State Bank, NA
(845) 256-0003
275 Main Street
New Paltz, NY
M & T Bank
(845) 255-7100
191 Main Street
New Paltz, NY
Riverside Bank
(845) 454-5511
11 Garden Street
Poughkeepsie, NY
Ulster Savings Bank
(845) 255-5470
226 Main Street
New Paltz, NY

Consolidation

1. Benefits

  • Lower monthly payments
  • No worry of paying multiple debt collectors every month, pay only one agency
  • Percentage of debt charged by consolidation company
  • Costs for Loan
  • Cost for counseling or negotiation

2. Negatives

  • Appears on your credit like bankruptcy
  • Requires you to get another loan
  • If you own a home loan will be tied to your equity
  • Takes between 5 and 10 years to pay off the loan
  • First few years no big change in debt reduction
  • Does not always prevent creditors from future legal collection action

Bankruptcy

1. Benefits

  • Costs between $700-$3000

2. Negatives

  • On credit report for ten years
  • Finances made public record
  • No assets are allowed with Chapter7
  • Creditors can file adversarial hearing that costs $3000
  • Credit severely damaged

Debt Relief Program

1. Benefits

  • Payments can stop as soon as the program starts
  • Credit Repair available after a short time
  • Good credit repair options available

3. Negatives

  • Usually only credit card debt and unsecured signature loan

About the Author:

Marcus Ware is the webmaster of www.waresbusiness.com and promotor of affiliate products.
waresbus@waresbusiness.com

Article Source: thePhantomWriters Article Submission Service

Featured Local Company

Olsson & Feder LLP

(585) 563-3481
1580 Elmwood Ave
Rochester, NY
http://www.olssonfeder.com
Read more about Options For Clearing Debt

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