What is the difference between debt relief law and debt negotiation?

Debt relief law and debt negotiation are two different methods for dealing with debt. Debt relief law is the legal process of reducing or eliminating debt and involves working with the court system. It can involve filing for bankruptcy, requesting a debt settlement, or filing a lawsuit against a creditor. Debt negotiation, on the other hand, is a process where debtors can directly negotiate with their creditors to reduce the debt, either by reducing the amount owed, lowering the interest rate, or reducing the monthly payments. In New York, debt relief law is used in specific legal circumstances. It involves filing a lawsuit against creditors in order to negotiate a payment plan or having a court order a debt settlement or other agreement. The court will evaluate the circumstances of the debt and make a decision based on the facts. Debt negotiation, however, is a much more informal and direct process. It involves working directly with the creditor in order to lower the amount of debt owed, reduce the interest rate, or reduce the monthly payments. This process does not involve any courts or legal proceedings, and the debtors and creditors can come to an agreement that works for both parties. In conclusion, debt relief law is used in specific legal situations and involves the court system, while debt negotiation is a more direct process of working directly with the creditor to negotiate a reduced payment plan.

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What is the difference between debt relief law and debt negotiation?

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