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I’m living in New York and drowning in credit card debt. Can debt settlement actually help me reduce my obligations, and how does the process work?

Bankruptcy

3.9K Mar 28 2025

Answer

Debt settlement can potentially reduce your overall debt by negotiating with creditors to accept a lower amount than what you owe. In New York, the process typically involves working with a debt settlement company or attorney who will assess your financial situation and communicate with your creditors on your behalf. While this can lead to reduced payments, it may impact your credit score. It's highly recommended to consult with a bankruptcy lawyer to explore all your options and ensure you understand the implications.

Asked in , Mar 28 2025