How long does it take to complete the debt relief law process?

The process of debt relief under New York law typically takes around six to nine months to reach completion. In the first stage, a person seeking debt relief must contact a consumer credit counseling organization to determine their financial situation and the best approach to take in dealing with their debt. During the second stage, a debt relief counselor will work with the consumer to create a customized debt repayment plan, which will be submitted to creditors. The third stage involves creditors agreeing to the proposed repayment plan. At this point, the consumer will set up an escrow account to begin making payments. After payments have been made for a certain amount of time, creditors may agree to either reduce the overall amount that is owed, or may agree to forgive some or all of the debt. Finally, once the debt repayment plan has been accepted and the debt has been resolved, the individual must complete the necessary paperwork to close the escrow account. After this is done, the debt relief process is considered complete. While this process can be lengthy, it can also be extremely beneficial for those dealing with a large amount of debt.

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How long does it take to complete the debt relief law process?

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