Legal Question in Credit and Debt Law in New York

debt getting out of it.

Hi,i need the best way to get out of debt(a few that will help i know everyone is different), i make good money but got behind while i was TDY(Military).My Wife is on SSI Disability,I make my home payment on time, but the others some hit or miss,i was thinking of HEQ Loan? or Refinance? credit when from VG to Fair ? any Direction would be great.

Thanks,


Asked on 11/01/06, 3:47 pm

2 Answers from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: debt getting out of it.

Make contacts with your creditors IN WRITING and get settlements with them that you can afford IN WRITING. Have interest stop, get monthly payments you CAN afford and keep to the agreements. If not with all creditors at least with those who cooperate. MAKE SURE YOU GET AGREEMENTS IN WRITING...cc companies are notorious for changing the deal after you pay them..."settlement? what settlement?"...so GET IT IN WRITING...do not send money based on a conversation only...wait for the writing! There are credit card debt workout specialists...but I don't trust them...you pay them and they make the deals...but they are not accountable to you and many steal your money or take HUGE fees. SS disability is NOT subject to seizure. You may qualify for protection under the US Bankruptcy Act.

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Answered on 11/01/06, 4:38 pm
Robert R. Groezinger GroezingerLaw P.C.

Re: debt getting out of it.

You have many options but this is not the forum to advise you in. If you have the assests, get financial help. Using your home equity will let you pay off the debt and then deduct the interest payments from your taxes at year end.

Good Luck

RRG

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Answered on 11/01/06, 5:44 pm


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