Does debt relief law work for all types of debt?

No – debt relief law does not work for all types of debt in New York. Debt relief law is most commonly used for unsecured debts like credit card debt, medical bills, and personal loans but it cannot be used for taxes, student loans, child support, and other government-related debts. Debt relief law provides individuals the opportunity to pay off their debts by negotiating a settlement or payment plan with creditors. For example, if an individual has a debt of $10,000, debt relief law may allow them to negotiate a settlement for a lower amount, say $5,000. However, this does not work for government-related debts, as the government does not negotiate any kind of payment plan or settlement on behalf of an individual. For example, if an individual has a student loan debt, they cannot negotiate a settlement with the government. The only way to pay it off is to pay it in full or to set up a payment plan. Additionally, it is important to note that debt relief law does not erase debt from an individual’s credit report – it only settles the amount. Even if the outstanding amount is paid off, the original debt will still appear on the individual’s credit report. Overall, debt relief law is a great way for individuals to settle their debts and get back on track financially, but it is important to understand that it does not work for all types of debt. Knowing what types of debts are covered by debt relief law is key to understanding its potential impact.

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Does debt relief law work for all types of debt?

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