New York

New York seems to be the center of the universe. Everyone knows New York City. Many of our ancestors passed through Ellis Island and New York City on their way to America. The rest of the state offers beautiful scenery, rich farming, and lovely mountains. Between New York City and the rest of the state, New York is ranked #3 for population and #7 for population density.

As of 2018, almost 20 million people called New York home. New York City is the largest city in the US and is the 24th largest city in the world.

Income

The median state income is $62,909. As of 2018, the minimum wage is $11.00 per hour. Compared to other states, that minimum wage seems high, but when compared to the cost of living, it is very easy to get into debt. Unfortunately, 20.4% of New Yorker children under 18 live in poverty. For residents overall, 14.7% of all people in New York live under the poverty level.

  • Median state income: $62,909
  • Minimum wage: $11.00/hour
  • Children in poverty: 20.4%
  • People in poverty: 14.7%

Homeowners

More than half (51.1%) of New Yorkers hold a mortgage. The median home price in New York State is $282,100 (2018). Of course, that median price depends on the location with some areas being much higher. In NYC, the median home price is $674,500.

  • Homeowner rate: 51.1%
  • Median home price: $282,100

Employment

New York has a current unemployment rate of 4.6%. However, the underemployment rate is 9.4%. Underemployment is the percentage of civilian workers who are unemployed, employed part-time or are not seeking employment.

If this is you, we can help. Pacific Debt offers New York debt relief solutions tailored to your unique situation and budget. Our certified counselors help you work up a budget, and explain your options.

  • Unemployment: 4.6% (2018)
  • Underemployment: 9.4% (2017)

New York Debt

New Yorkers carry a lot of debt. The average credit card debt is $3,710 (2017). The average student loan debt is higher than the US average at $32,200. When you add all that debt on top of the cost of homes (rental or owned), versus the median income, it is very easy for New Yorkers to get into debt.

  • Avg credit card debt: $3,710 (2017)
  • Avg mortgage debt: $243,244 (2017)
  • Avg student loan debt: $32,200 (2017)

New York Statute of Limitations

New York’s statute of limitations lays out maximum time periods that debt collectors can take action against a delinquent debt. These statutes of limitations begin on the date that your debt goes delinquent.

For debts taken out in New York, the following are the statutes of limitations for different types of debt.

  • Oral agreements: 6 years
  • Written contracts: 6 years
  • Promissory notes: 6 years
  • Credit cards and other revolving loans: 4-6 years

New York Debt Relief & Debt Consolidation

If you have more debt than you can pay off, Pacific Debt can help you consolidate your debt and learn to live debt free. Since 2002, we’ve settled over $200 million in debt for thousands of clients. We are a nationally top ranked debt relief company located in San Diego.

We will help you work through our proven and comprehensive debt relief program. Your certified debt relief counselor will review all your options. If debt settlement is right for you, we move forward with our debt consolidation program and work to save you money. Pacific Debt can help with most unsecured debt like credit cards, personal loans, medical bills and repossessions.

It is not an easy process and it won’t happen overnight, but you can do it. Pacific Debt will be there every step of the way to help.

Debt Collection Laws

New Yorkers are protected against unscrupulous debt collectors. The federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive or harassing bill collection practices. In addition, the New York Fair Debt Collection Practices Act (NYFDCPA) adds protections against more types of collectors and actions. If you are a victim of any of these actions, you may take legal action against them.

Overall, debt collectors can NOT:

  • Charges more than 10% interest
  • Garnish more than 25% of wages
  • Use/threaten physical force or criminal tactics to harm you, your property, or your reputation
  • Accusing you of committing a crime for not paying the debt
  • Make/threaten to make defamatory statements to someone else
  • Threaten arrest, to seize assets, or garnish wages, unless actually planning to take such action
  • Use obscene or profane language
  • Cause you to spend money you wouldn’t otherwise have spent (ie long-distance telephone calls)
  • Call you repeatedly or let your phone ring repeatedly
  • Call frequently
  • Contact your employer, except to verify employment or health insurance status, garnish wages or locate you
  • Reveal information about debt to anyone except your spouse or your parents if a minor.
  • Publicly publish your name for failing to pay
  • Send a postcard or letter with revealing information on the envelope
  • Claim to be someone other than a debt collector, including a governmental official
  • Use stationary that appears to be from a law firm
  • Charge you collection or attorney’s fees unless legally allowable
  • Threaten to report you to a credit reporting agency if they have no intention of doing so
  • Send a letter claiming to come from a claim, credit, audit, or legal department unless it actually is

Debt collectors must:

  • Disclose caller identification
  • May contact your family to locate you
  • Must serve you with notice of a lawsuit if suing you

Bankruptcy Court Information

Bankruptcy is a legal action that can erase most of your debt as well as your credit history. It is not an action to take lightly. If you do, you must follow the following steps in New York.

Persons filing for bankruptcy must:

  • Complete credit counseling within six months before filing for bankruptcy.
  • Complete a financial management instructional course after filing bankruptcy.
  • Complete a Bankruptcy Act Means Test to determine if you are eligible for a Chapter 7 or 13 bankruptcy
  • Itemize current income sources; major financial transactions; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate).
  • Collect last 2 years of tax returns, deeds to real estate you own, car titles, and loan documents
  • File for bankruptcy
      • Chapter 7 bankruptcy fee is $306
      • Chapter 13 bankruptcy fee is $281
  • Meet with court assigned bankruptcy trustee
  • Attend a Meeting of Creditors
  • Confirm plan if filing for Chapter 13 bankruptcy

DISCLAIMER: We are not lawyers and are not giving legal advice. Before filing bankruptcy, talk to a lawyer in your state.

New York Better Business Bureau

Pacific Debt is an A+ rated business with the BBB. We have been accredited since 2010. We have received 4.87 out of five stars based on 40 customer reviews with the BBB.

New York Debt Relief Reviews

by Dee S.
I am currently in the first stage of…
I am currently in the first stage of the program and so far it has been a great experience. Everyone I have talked to has been very professional and empathetic to our situation. I can only hope that the rest of this process goes as well and I can be free of debt with no regrets.
by Customer
I have had a great experience so far
I have had a great experience so far. I would recommend this company to help take control of your finances.
by Rich H
New Begining
If you are thinking there is no end insight and seeing half of your monthly payments going in their bank while the only means for daily needs is another swipe digging the hole deeper. Do yourself a favor do your homework than call Pacific Debt. and listen to your wayout. They work with you so you can see an end and in good time so you realize the sooner you start you can count down to the new begining.

New York Counties Served by Pacific Debt

Albany
Allegany
Bronx
Broome
Cattaraugus
Cayuga
Chautauqua
Chemung
Chenango
Clinton
Columbia
Cortland
Delaware
Dutchess
Erie
Essex
Franklin
Genesee
Greene
Hamilton
Herkimer
Jefferson
Kings
Lewis
Livingston
Madison
Monroe
Montgomery
Nassau
New York City
Niagara
Oneida
Onondaga
Ontario
Orange
Orleans
Oswego
Otsego
Putnam
Queens
Rensselaer
Richmond
Rockland
Saratoga
Schenectady
Schoharie
Schuyler
Seneca
Steuben
Suffolk
Sullivan
Tioga
Tompkins
Ulster
Warren
Washington
Wayne
Westchester
Wyoming
Yates

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