Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until our debts are sorted out according to the law.

The difference between a secured and unsecured debt is that a tangible asset does not back unsecured debt and secured debt is a debt where the debtor has given up the right to some type of asset/collateral in order to receive a loan.

In the case of an unsecured debt, to obtain a loan, the borrower does not have to put up any collateral. The most common types of unsecured debts are credit cards, department store cards, gas cards, medical bills, utility bills, and personal or signature loans. Since there is no asset backing the loan, should you fail to make timely payments on an unsecured debt, there is nothing for the creditor to take back.

In the case of a secured debt, when a borrower fails to make timely payments, the creditor is entitled to repossess the asset that is securing the loan and sell it. If a creditor sells the asset they have reposed, but the entire debt has still not been paid, the borrower can still be liable for the unpaid balance. Therefore, when the property that is securing the debt has already been repossessed and sold by the creditor, it is possible for a secured debt to become an unsecured debt. The two most common types of secured debts are home loans and car loans.

We can help you whether you are having trouble with a secured or an unsecured debt. Our counselors will help you decide what process will be right for you based on the type of debt that you have and your specific financial situation.

The Law Offices of Kenneth H Dramer, PC offers a variety of different services in order to ensure that no matter what your individual needs or financial hardships are that we will be able to provide the right service to you. We have processes to help you no matter what type of debt you are in, whether it be secured or unsecured debt. We are an industry leader in all forms of legal debt negotiation, and along with our affiliates we can help you with any of the following types of debt:

• Credit Cards
• Department Store Cards
• Gas Cards
• Medical Bills
• Collections Accounts
• Unsecured Loans
• Unsecured Lines of Credit
• Repossessed Vehicle Loans
• Fair Debt Collection Practices Act Violations
• Home Loans
• Home Foreclosures
• Tax Debts
• Judgment Accounts
• Creditor Harassment
• Repossessed Vehicle Loans
• Defense Litigation for Creditor Lawsuits

No matter how difficult your financial predicament is, we will most likely be able to help you. Our counselors are here to help you decide what process will be right for you based on the type of debt that you are in and your specific financial situation.

Bankruptcy may make it possible for you to:

• Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts. It is designed to give you a fresh financial start.
• Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)
• Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.
• Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.
• Restore or prevent termination of utility service.
• Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.

Bankruptcy cannot, however, cure every financial problem. Nor is it the right step for every individual. In bankruptcy, it is usually not possible to:

• Eliminate certain rights of” secured” creditors. A creditor is “secured” if it has taken a mortgage or other lien on property as collateral for a loan. Typical examples are car loans and home mortgages. You can force secured creditors to take payments over time in the bankruptcy process, and bankruptcy can eliminate your obligation to pay any additional money on the debt if you decide to give back the property. But you generally can not keep secured property unless you continue to pay the debt.
• Discharge types of debts singled out by the bankruptcy law for special treatment, such as child support, alimony, most student loans, court restitution orders, criminal fines, and most taxes.
• Protect cosigners on your debts. When a relative or friend has co-signed a loan, and the consumer discharges the loan in bankruptcy, the cosigner may still have to repay all or part of the loan.
• Discharge debts that arise after bankruptcy has been filed.

Yes, with some exceptions. Bankruptcy will not normally wipe out:

• Money owed for child support or alimony;
• Most fines and penalties owed to government agencies;
• Most taxes and debts incurred to pay taxes which can not be discharged;
• Student loans, unless you can prove to the court that repaying them will be an “undue hardship”;
• Debts not listed on your bankruptcy petition;
• Loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan;
• Debts resulting from “willful and malicious” harm;
• Debts incurred by driving while intoxicated;
• Mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is sold by the creditor).

There are four types of bankruptcy cases provided under the law:

• Chapter 7  – For individuals and businesses
• Chapter 11 – For certain individuals and businesses
• Chapter 12 – For family farmers and fishermen
• Chapter 13 – For individuals and certain businesses

Most people filing bankruptcy will want to file under either chapter 7 or chapter 13.  Either type of case may be filed individually or by a married couple filing jointly.  Businesses can file under chapter 7 or chapter 11.

Yes! Many people believe they cannot own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after filing for bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt.

In most bankruptcy cases, you only have to go to a proceeding called the “meeting of creditors” to meet with the bankruptcy trustee and any creditor who chooses to come. Most of the time, this meeting will be a short and simple procedure where you are asked a few questions about your bankruptcy forms and your financial situation.

Occasionally, if complications arise, or if you choose to dispute a debt, you may have to appear at a hearing. In a chapter 13 case, you may also have to appear at a hearing when the judge decides whether your plan should be approved. If you need to go to court, you will receive notice of the court date and time from the court and/or from your attorney.

After your case is filed, you must complete an approved course in personal finances. This course will take approximately two hours to complete. Many of the course providers give you a choice to take the course in-person at a designated location, over the Internet (usually by watching a video), or over the telephone. Your attorney can give you a list of organizations that provide approved courses, or you can check the website for the United States Trustee Program office at www.usdoj.gov/ust. If you can not afford the fee, you should ask the agency to provide the course free of charge or at a reduced fee. In a chapter 7 case, you should sign up for the course soon after your case is filed. If you file a chapter 13 case, you should ask your attorney when you should take the course.

Unfortunately, if you are behind on your bills, your credit may already be bad. Bankruptcy will probably not make things any worse.

The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your case was filed. But because bankruptcy wipes out your old debts, you are likely to be in a better position to pay your current bills, and you may be able to get new credit.

If you decide to file bankruptcy, remember that debts discharged in your bankruptcy should be listed on our credit report as having a zero balance, meaning you do not owe anything on the debt. Debts incorrectly reported as having a balance owed will negatively affect your credit score and make it more difficult or costly to get credit. You should check your credit report after your bankruptcy discharge and file a dispute with credit reporting agencies if this information is not correct.

Although it may be possible for some people to file a bankruptcy case without an attorney, it is not a step to be taken lightly. The process is difficult and you may lose property or other rights if you do not know the law. It takes patience and careful preparation. Chapter 7 (straight bankruptcy) cases are somewhat easier. Very few people have been able to successfully file chapter 13 (reorganization) cases on their own.

The Law Offices of Kenneth H Dramer, PC is an industry-leading debt relief law firm that is fully dedicated to your success. Our attorneys are experts in the laws that govern the industry and your creditors. With roughly 25 years of experience, we have gained the necessary knowledge and understanding in dealing with every facet of the bankruptcy code.  We are not affiliated with any bank, creditor, or other lending institution and are here to work exclusively for you.

We offer many different services that will educate you and help you get out of debt and stay out of debt.  We send limited power of attorney forms to your creditors to filed the creditor or collector phone calls on your behalf and offer payment plans with as little as $100.00 down.  If you find yourself in a financial struggle and are looking for help and a way out, put the power of The Law Offices of Kenneth H Dramer, PC on your side.

Fortunately, your creditors must adhere to the laws set forth by the Fair Debt Collection Practices Act (FDCPA) which states that once third-party debt collectors are notified that our law firm represents you, they are expressly prohibited from making any further contact with you. After you hire us, all third-party debt collectors are only permitted to speak with us. This law is one of the many advantages of hiring The Law Offices of Kenneth H Dramer, PC because since this law only applies to attorneys, many non-attorney based companies in this industry do not have this service to pass along to their clients.

Once you hire The Law Offices of Kenneth H Dramer, PC, you will receive a welcome kit relevant to the service that you retain us for that will teach you your rights when dealing with your collectors. We will teach you how to deal with, and document collection calls if they persist. Collectors that do not adhere to the FDCPA law can be subject to legal action. If any collectors violate this law and continue contacting you, our legal team is here to protect your legal rights. If collectors continue to contact you after they have been informed that we are representing you, we can seek compensation on your behalf from the debt collectors. At The Law Offices of Kenneth H Dramer, PC, we will arm you with the knowledge and tools to fight back against these practices. For more information on collector violations and what you can do about them, click here.

The Law Offices of Kenneth H Dramer, PC is a law firm, and as such, we follow all ethical rules that govern the legal profession. It is illegal for us, as your attorneys, to withhold anything from you. If we do anything unethical, we could face disbarment from the State Bar. If you would like to confirm that we are a law firm in good standing or would like to look into any of the partners of the firm, please feel free to check with the New York State Bar Association by clicking here.

We are constantly seeking new ways to improve as we move forward. We are very proud of our law firm and would never do anything to jeopardize the reputation that has taken us years to build.

There are three ways that you can apply for help with The Law Offices of Kenneth H Dramer, PC.

1. Call us for a free consultation at 888- 314-1722
2. Please click here to download our Prequalification Questionnaire and send it back to our Law Firm along with your household’s proof of income and one of our advisors will help you started on your path to financial freedom.
3. Fill out the request form to be contacted back at a more convenient time.