Business Bankruptcy Attorneys
Get Relief from Your Debts Today
The Law Offices of Kenneth H Dramer PC is a diversified debt relief law firm, with years of experience in the practice areas of bankruptcy, debt settlement, debt collection lawsuit defense, foreclosure defense and avoidance, predatory lending violations, and Federal Debt Collection violations. No matter your financial hardship, our Debt Lawyers are skilled and able to help you determine which of our debt relief option will be best for your needs.
Debt Relief Attorneys
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Debt Relief Attorneys
Learn about your options.
See what you can save.
Contact Us Today.
Let Us Help You!
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Why File Bankruptcy For Your Business?
If you are sick and tired of being stressed out by your past-due bills and the harassing phone calls that come along with it, maybe you should look into a fresh start and see if Bankruptcy is the right debt relief option for you. We will help you gain peace of mind by eliminating your debts, and the stress associated with your debt burden. Our Debt Lawyers and Local Counsel Attorneys have been able to help many other business owners just like you. The Bankruptcy court can grant a business complete or partial relief from its debts. Depending on the bankruptcy being filed, the process works a little differently. Generally speaking, the two most notable differences in how the different bankruptcies play out for a business is 1) whether or not the business can stay open or will have to close, and 2) whether or not payments will be required to discharge the obligations in question.
Summary of the Types of Business Bankruptcy
Chapter 7: Available to all types of businesses but best for Corporations. If filing as a Sole Proprietor then personal assets that are not exempt may be at risk of being sold to pay off debts. Partnerships and LLCs may be better off avoiding and filing personal Chapter 7 instead. If Chapter 7 is filed, the business is closed and the assets of the business are liquidated to pay outstanding obligations. Dischargable debts are typically wiped out without any payment (other than from the proceeds of any applicable asset sales).
Chapter 11: Available to virtually any business no matter to corporate structure (available to individuals too). There are no set debt limits or income requirements for Chapter 11. Chapter 11 is the most in depth type of bankruptcy and usually also the most costly in terms of fees and administration. The business can remain open and operational through a Chapter 11. This type of bankruptcy involves a reorganization of debts and requires payments be made by the business towards it’s obligations while dealing with numerous creditor objections.
Chapter 13: The Small Business Reorganization Act (SBRA) comes into effect on February 19, 2020, at which point any type of businesses can file Chapter 13 as long as the total debt load does not exceed $2,725,625. The new laws are being put in place to help small businesses looking to reorganize their debts when previously filing Chapter 11 was often cost-prohibitive. The new laws will eliminate the need for the business to become a debtor-in-possession as further described below on this page. One of the most significant changes to bankruptcy for small businesses under the SBRA is for the ability of a reorganization plan to be confirmed by the Bankruptcy Trustee regardless of any creditor objections. Until the SBRA is in effect Chapter 13 Bankruptcy is currently only available for Sole Proprietor business owners that owe less than $394,725 in unsecured debt and less than $1,184,200 in secured debt.
Cost Differences of Business Bankruptcy
Chapter 7: Court Filing Fee $335.00. / Typical Law Firm Cost $1,000.00 – $2,500.00
Chapter 11: Court Filing Fee $1,717.00 / Typical Law Firm Cost $10,000.00 – $1M+
Chapter 13: Court Filing Fee $310.00 / Typical Law Firm Cost $3,000.00 – $5,000.00
How Long Does Each Bankruptcy Take To Complete?
Chapter 7: Automatic stay of collection goes into effect the date you file. Dischargeable debts wiped out in 90 days.
Chapter 11: Automatic stay of collection goes into effect the date you file, unless previously filed recently. Usually Reorganization occurs over a period of 3-5 years but can be longer as there are no official limits on the length of time for repayment of your debts.
Chapter 13: Automatic stay of collection goes into effect the date you file, unless previously filed recently. Reorganization lasts between 3-5 years.
Filing Chapter 11 Bankruptcy
A Chapter 11 Bankruptcy usually involves an attempt to stay in business while the Bankruptcy court supervises the “reorganization” of a company’s debt obligations. As opposed Chapter 7 Bankruptcy, Chapter 11 can allow your employees to keep their jobs. When filing Chapter 11 Bankruptcy, your business is kept open instead of being closed, and your creditors end up with more money than they would if you filed Chapter 7 instead, so Chapter 11 can be mutually beneficial to both you and your creditors. Since Chapter 11 is a reorganization, you may have the Bankruptcy discharged within a few months or up to several years, depending on the size and complexity of your Bankruptcy case.
In most instances, you can remain in control of your business operations as a “debtor in possession,” and will only be subject to the oversight and jurisdiction of a Bankruptcy court. The Bankruptcy court can grant a company complete or partial relief from your debts and contracts to give your company a fresh start.
Similar to filing a Chapter 13 Bankruptcy, your case can be dismissed or converted it to a Chapter 7 Bankruptcy, so it is essential to have an experienced attorney to ensure your case goes smoothly.
Confirmation of Your Proposed Chapter 11 Bankruptcy Payment Plan
Confirmation is when the bankruptcy court accepts your proposed payment plan. Many repayment plans include some amount of business downsizing in effort to lower operating costs to free up assets and cash flow. For your proposed payment plan to receive confirmation it generally must pass the following tests:
Your proposed payment plan must be feasible in that you are likely to complete the payments as you have proposed. If it is not feasible, your case may be dismissed or converted to a Chapter 7. There is no point in setting yourself up to fail.
If your proposed payment plan incorporates good faith, meaning the plan aims to maximize the available amount of funds for creditor payback, it is likely to be accepted and confirmed.
Best Interests of Creditors.
Your proposed payment plan needs to ensure your creditors will receive at a minimum as much through your proposed payments that they would receive if you were to file a Chapter 7 bankruptcy and have your assets liquidated.
Fair and Equitable
If opposed, you must prove your plan is “fair and equitable.” To accomplish this, you must ensure that any of your secured creditors get paid an amount at least equal to the collateral securing your obligations and that you do not keep any assets or interests unless all your creditors get paid in full.
Why use an Attorney for Chapter 11 or Chapter 13 Bankruptcy?
Businesses in Chapter 11 bankruptcies have the exclusive right to propose a reorganization plan over a period of time. After a certain amount of time has elapsed, creditors may also submit a reorganization plan. Reorganization plans must satisfy some different criteria to be “confirmed” by the Bankruptcy court. Proposing a payment plan is extremely difficult to do on your own without experience and the assistance of an experienced bankruptcy attorney. The proposed payment plan must be within reason as your creditors must vote to approve the reorganization plan. If your reorganization plan is not confirmed, the Bankruptcy court either can convert your case to a Chapter 7 liquidation, or dismiss your case if it is in the best interests of your creditors and estate thus granting you no relief. If dismissed, your creditors will turn to other methods to satisfy their claims including lawsuits which may personally name you if your business debts are personally guaranteed. You should not try to figure out bankruptcy on your own to save a few dollars in attorney fees as that is penny wise, but pound foolish. With such a great amount at stake, you should not play trial and error when your mistakes can be costly. Our law firm has years of experience in filing bankruptcy and can guide you through the process to make it as stress free as possible.
Filing Bankruptcy Should Only Be Your Last Resort
While the relief that the automatic stay brings is a major benefit to any business owner struggling to pay their debts, Chapter 11 bankruptcy is not a decision to be taken lightly. Most business owners, especially those used to being in control, will no longer maintain control over significant choices. Some choices affected by the loss of control are:
- the sale of major assets
- signing new or breaking existing lease agreements
- obtaining new financing
- expanding or downsizing procedures
- agreeing to new or altering existing contracts or agreements
- paying fees to attorneys or other professionals.
Various studies show that approximately only 15% of Chapter 11 Bankruptcy cases succeed in completing the confirmed payments. Typically, cases are often dismissed or end up being converted to Chapter 7 cases. If you are thinking about filing for Chapter 11 bankruptcy, please be sure to consult with an experienced attorney to ensure you clearly understand the benefits and drawbacks as well as the risks and potential not to succeed.
Debt Relief Alternatives to Filing Bankruptcy
Chapter 11 Bankruptcy allows you to pay back a portion or all of your debts, but sometimes the negative mark on ones credit report that can remain for years to come is too much for some business owners to bear. If there are assets that have too much equity Chapter 11 Bankruptcy can be costly. If there have been asset transfers over the past several years there may be objections to the discharge of your debts. Some situations sometimes call for other options like Debt Settlement Lawyer negotiated relief which may be more beneficial.
The below options each have their benefits and drawbacks as does filing Bankruptcy. Be sure to call today for your free consultation to learn the differences in each option or click on the options below to learn more.
If you’re on time with your debt payments, have good enough credit or, assets to use as collateral, you may be able to combine all your debts into one new loan at a lower interest rate. Through our network of lenders, we can try to help if you want to try to borrow your way out of debt.
Experiencing a financial hardship and haven’t fallen too far behind on your payments? A Debt Management Plan, also known as Consumer Credit Counseling, can help by combining all your debts into one monthly payment at lower interest rates to have you out of debt in 4 to 7 years.
Experiencing a financial hardship and past due on your creditor payments? Our No Upfront Fee Debt Settlement service can reduce your outstanding balances to help get you out of debt in as quick as 1 to 60 months! Rather than lower your interest rates, we’ll actually reduce your total debt.
How Dramer Law Handles Our Debt Relief Cases
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Free Consultation, Fact Finding, & Financial Analysis
When you call our firm, we will want to know how and when your financial hardship began as well as what the current status is, to get a better understanding of what you are experiencing. Our staff is trained to ask the right questions to make sure that no stone in your financial picture goes unturned. Any representative that will speak with you will have a minimum of 10 years experience
We analyze your current financial situation including your assets and liabilities as well as your current cash flow, allowing us to narrow down our services more specific to what you can afford. This step is critical in any of our processes as we ensure that whatever service we recommend will be within your budget and therefore you’re more likely to succeed.
Full Disclosure, Recommendation, & Customization
There are multiple options for each problem we encounter so based on your analysis; we will then tailor fit the best option to the individual needs of your budget. We will explain in great detail all aspects of each process including the risks & fees – not just how much money you can save. Nothing will be hidden from you as we are a full disclosure law firm.
Our Relief Specialists are NOT Paid a Commission so there will be no sales pressure at our law firm. There is no obligation to retain our services. You will be given all the facts you need, and then you will be given plenty of time to think things over. Debt relief is an important decision, and we won’t rush you! We have worked hard over the years to earn the reputation we have by giving honest advice to those in need rather than the advice that benefits our bottom line!
Limited Power of Attorney & Authorization to Communicate
Lenders are Sent Notice of our Representation
Once retained, we immediately send a copy of our Limited Power of Attorney to your creditors, debt-collectors, or attorneys. Sending notice of representation is the first step in curbing any creditor or collector calls you may be receiving. We do not want you to be harassed – we’ll take over the calls for you.
The Fair Debt Collection Practices Act (FDCPA)
Once any third party servicer, debt collector, debt purchaser, collection attorney, foreclosure attorney, etc. receive our Limited Power of Attorney, they are obligated to contact us directly on your behalf. Failure to do so is a violation of the FDCPA, and we will sue them for you. There is no fee charged to you if we do not win your case, and if we do win, you can win up to $1,000 per violation, and the collector in violation will pay our attorney fees for you. It’s basically free money!
We Get the Job Done!
We are Incentivized to Perform
Our mortgage negotiation services are offered a fee structure as such that you pay part of the fee when retaining our firm and part of the fee only if we’re successful. The success fee helps ensure we are incentivized, so you’ll know we have your best interests in mind. We don’t benefit from getting you to hire our law firm, but instead, we benefit when we get the job done for you. You pay for our performance – and that’s what we do – we perform! We never agree to anything without first consulting with you and getting your approval. It is your debt and your money, so you have the final say in all of our negotiations
We Work Efficiently & Quickly
The combination of our experience, well-trained representatives, long hours, and state of the art software, allow us to accomplish more in any given day than most other firms only dream about. This can be said for ANY service we offer from negotiations to litigation to bankruptcy. We work quickly on your behalf as the longer you delay with a deed in lieu of foreclosure, the more fees your lender will charge. We will be in touch with you throughout the process to keep you informed and are available when you need us.
Are you looking for professional advice?
Let Us Help You!
At The Law Offices of Kenneth H Dramer PC, before we make any recommendations, our debt lawyers, certified debt relief specialists, and paralegals are trained to ask the right questions to find out about your specific situation. Based on your current income and your financial hardship, we will determine which course of action will work best for you. We do not only offer one path, as no one process can solve everyone’s needs. We will take our time with you and help evaluate what your best course of action should be. CALL NOW FOR A FREE CONSULTATION and one of our advisors will be there to get you started on your path to financial freedom. There is no obligation to enroll, so don’t delay.
One way or another, we can help!
Why Choose Dramer Law for Your Debt Relief Needs?
Debt is Our Specialty
Other companies and law firms offer debt relief – we specialize in it! We do not offer any services that aren’t strictly related with clients that are struggling financially so our clients have unique needs, compared to those of other law firms, that we can cater to. We offer all debt relief options and we service our clients like family. You should never settle for less when trying to settle for less!
Since our clients don’t have tons of money to spare like attorneys that practice in other areas of law, we charge low fees making our services affordable for anyone that needs help. Unless your case involves one of our attorneys having to go to court, our negotiation service fees are flat fee based not charged hourly.
One on One Client Service
All of our client relationships are One on One. You’ll have one individual client service representative that will be your point of contact and you’ll build a relationship with them so they’ll know exactly what you are going through. Aside from treating you with the upmost care possible, this means you won’t have to deal with multiple people and re-explain your situation to a different person each time you call. This saves time for you and eliminates any extra stress for you as time is money and being stress free is just as important as being debt free!
Client Service Response Time
All of our attorneys, paralegals, and negotiators are dedicated to providing the best possible experience, while achieving results. We are available long hours but should we happen to be unavailable for any reason we pride ourselves on returning calls and emails right away, not several days later like most attorneys.
Many companies do nothing for the high fees they charge. We have heard many horror stories. These companies aren’t proactive, they put no effort into negotiations, they don’t even return your calls let alone calls from collectors! These actions cause collectors to seek other measures to collect, often meaning lawsuits. We typically work repeatedly with the same companies and are known for resolving accounts so therefore have a great reputation with industry lenders and collectors. This benefits you when we contact these companies on your behalf, they know the accounts will get resolved and therefore we are usually able to avoid legal action!
Many times, when we successfully get our clients out of debt, they still need assistance with other areas of their financial life. We offer many different services for those struggling with debts including Business Debt Relief, Mortgage Relief, Tax Relief, & Student Loan Relief. When Debt is the Problem – We Have the Answers!
There is no obligation, so don’t delay.
Get Your Free Consultation Today
The Law Offices of Kenneth H Dramer PC is based in the New York City area and have expanded our practice with attorneys throughout the country. We are staffed by some of the most experienced debt lawyers, bankruptcy lawyers, mortgage & debt specialists and paralegals, all dedicated to helping people from all walks of life receive safe, effective professional help for their debt-related issues. Call NOW or download our bankruptcy pre-qualification questionnaire to 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.
The court proceedings were annulled, and agreeable working terms were consolidated with my creditors
I wouldn’t go anywhere else.
Very sharp and on point. Their price is very reasonable.
“Like most people bankruptcy never crossed our mind. My husband and I owed a lot of debt due to closing of our business, but we still tried to payoff debtors little by little. Until we got hit with a summons from the court ( for over 100K lawsuit). We research all over the internet and called many law firms and layers. Many of them ask what we want to do?.. We wouldn’t of call if we know what to do. And some offered hardship /debt relief or settle your debt for less.. no matter what you call it at the end you still have to pay the creditors, the debts collectors and the lawyer. In our case there is no way we can payoff everything. Many random phones calls later, we were fortunate to come acrossed Mike, he has explained to us bankruptcy doesn’t mean we will lose our house or car. As couple we are able keep certain amount of assets. We were also worried about our credit score, the bankruptcy record will stay in your record for 7 years ( our score were poor anyway). There aren’t that many reviews on the internet about them and like most people we’re not sure if we can trust them. Give Mike a call and a chance, his very sharp and on the point. Their price is very reasonable. Bankruptcy was the best choice we made and the cheapest way out. Now half year later we are debt free, no need to worry from phone calls from debts collectors. Get to keep our house and car, even our credit score went up. Don’t understand why we didn’t do it sooner I guess we were like a lot others going day by day try to be nice by paying off little by little. Thanks!” JC, Queens, NY. 7-7-2017
They were extremely professional and made the process easy
“The Law Offices of Kenneth H. Dramer P.C Attorneys at Law were efficient in handling by bankruptcy case. They were extremely professional and made the process easy! I highly recommend them.” – Jamie M. Seaford, NY 5-30-2017
They're highly recommended
It has been an absolute pleasure working with you
“I just wanted you to know it has been an absolute pleasure working with you. You never made me feel harried, pressured or overly anxious about paying off my bills. I wish everyone would be like that. Thank you again & i hope you don’t mind if i touch base with you the future, just to give you updates on how things are going. Be well.” Mary R. Bayshore, NY 4-30-2018
I would highly recommend Dramer Law for your debt settlement needs
“I would highly recommend Dramer Law for your debt settlement needs. A few years ago my husband and I had accrued entirely too much debt and no matter how hard we worked or how much we tried, we were unable to keep up with our bills and making the minimum payments was getting us nowhere. The best decision we could have made was to begin the debt settlement process. Most of the debt was in my name so I contacted Dramer Law . I have been extremely pleased with the efficient, attentive, reliable service provided by Michael Sininsky. I was initially hesitant to enter into any debt settlement program but now, without hesitation, I will say it was the best decision I could have made . From the initial consultation and throughout the entire process ,Michael patiently and fully explained everything. Any questions I had were addressed rapidly and any messages I left were returned promptly. I/we started out with $87,555.84 total debt and ended up paying back $26,020.71. That’s a savings of $61, 000.500 , or a 70% discount off our balances. I’m so happy we decided to go with Dramer Law and cannot thank Michael enough for all his hard work and professionalism. Any fees paid to Dramer Law were very fair and minimal compared to what I was paying to the credit card companies each month. Being debt free is such a relief- now we can move forward and put our money toward our kids college educations and save for our future.I am happy to recommend them and am so glad I contacted them a few years ago. Sincerely, Susan M.” Commack, NY 3-27-2018
We would highly recommend their services for debt reduction and settlement rate negotiations
Your promptness, efficiency, and trustworthiness have always been beyond my imagination.
“Thank you very much. Your promptness, efficiency, and trustworthiness have always been beyond my imagination. Perhaps I will be like that one day (in another life).” Peter L Valley Stream, NY 3-2-17
Thanks for being so helpful
Not only did you get me out of debt but you gave me a freedom that can’t be described.
Thank you so much for your help. I’ve said it once, and I’ll say it again – you are greatly appreciated!!
“When I initially called, I spoke to Mike. I want to say, he immediately put my mind at ease. He explained your retainer fee; that costs for filing papers; phone calls, and other incidentals, would be deducted from that fee and, if any fees were due at the end of the process, I would be liable for those additional fees. Mike was able to work with me, keep me calm and focused, and I have gone from being in foreclosure to NOT being in foreclosure!! I’m so relieved. Mike spent time communicating with me either by e-mail or phone. He kept me up-to-date about the process of this whole mess I got myself into and he was truly a comfort to me these past few months. I hope other staff in your office are as efficient and compassionate as Mike is. He’s truly an asset to your business. Mike – Thank you so much for your help. I’ve said it once, and I’ll say it again – you are greatly appreciated!!” – Susan F. Copaigue, NY. 6-13-16
I was very pleased…
I am very grateful….highly recommended
Very extremely effective in working with me to reduce my consumer debt
Excellent, excellent service. Highly recommended.
Please accept our gratitude for all your help
I’m very happy
“I think you and the company basically do a good job and I appreciate it. As I mentioned before the only thing is I’m interested to see when the payments I’ve made start showing up on my credit report as it’s still very low. Overall, though, I’m very happy.” Mike S. Baldwin, NY 8-3-15
I would highly recommend this firm to anyone going through financial difficulty and need good advice.
“I was so happy to have been represented by the law firm of Kenneth H. Dramer. They were so helpful at a very difficult financial time in my life. They advised me every step of the way through the difficult process of bankruptcy. If I had any questions or concerns they would answer any questions very quickly and patiently. I would highly recommend this firm to anyone going through financial difficulty and need good advise. ” Lillian L. Queens, NY 7-20-2015
I thank the company and Michael for giving me peace of mind at this point
Thank your law firm for helping us get out of debt and back on track
“To Whom It May Concern , We would like to thank Michael Sininsky and your law firm for helping us get out of debt and back on track . Michael was always professional and courteous as well as efficient . Any email or phone call was returned immediately with answers to each question or concern we had . We would like to say Michael Sininsky is an asset to your company . We were thankful that he had our account . Sincerely , Robert & Michele A. Whitestone, NY 5-25-2015”
I would like to express my gratitude
Thank you from the bottom of our hearts for all of your efforts in getting us through this!
“Dramer handled my case very professional. They were patient and very helpful with my case. Recommended!” Alex M. Floral Park, NY 12-24-14
Resolved a 15 year matter in 2 weeks unfroze our accounts and saved us more than we could of imagined
“I would like to open by saying how grateful I am to Michael Sininsky for helping me with my legal problem. I was beside myself when I spend a hit letter from an attorney who.informed me that I was in debt for a very large amount of money that was owed 15 years ago I thought the matter had been resolved through my divorce, but to.my dismay it wasn’t and had accrued an astronomical amount of late payments and finance charges, they froze our bank accounts , but through the expertise of Mr.Sininsky he resolved a 15 year matter in 2 weeks unfroze our accounts and saved us more than we could of imagined I recommend the Dramer Law firm highly and lifted a great deal of stress for us. sincerely Mr & Mrs. Vogel”, NY 12-15-14
We are so pleased with the results.I know we could not have been successful without their help
Bankruptcy – Frequently Asked Questions
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Q: What Is Bankruptcy?
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.
Q: What is the difference between unsecured and secured debt?
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.
Q: What type of debt can you handle?
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.
Q: What Can Bankruptcy Do for Me?
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.
Q: What Can’t Bankruptcy Do For Me?
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.
Q: Will Bankruptcy Wipe Out All My Debts?
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).
Q: What Different Types of Bankruptcy Cases Should I Consider?
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.
Q: Can I Own Anything After Bankruptcy?
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.
Q: Will I Have to Go to Court?
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.
Q: What Else Must I Do to Complete My Case?
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.
Q: Will Bankruptcy Affect My Credit?
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.
Q: Can I File Bankruptcy Without an Attorney?
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.
Q: Why should I choose the Dramer Law Firm?
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.
Q: Will creditors continue to contact me after I hire you?
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.
Q: How do I know if your Law Firm is legitimate?
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.
Q: How can someone apply for help?
There are three ways that you can apply for help with The Law Offices of Kenneth H Dramer, PC.
- Call us for a free consultation at 888- 314-1722
- 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.
- Fill out the request form to be contacted back at a more convenient time.
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Call today for your free consultation with an experienced member of our team who will ask the right questions to determine the best course of action. They will go over each option that will make sense for your situation and will be sure to discuss in detail the pros and cons of each.
See How Much Money We Can Save You
Each option will have its own savings potential. Keep in mind the greater the downsides a choice may have the greater the potential for savings. Our debt relief representatives will be sure you understand the cost benefits and will be sure to disclose our fees fully.
Retain Our Law Firm and Let the Savings Begin
Once retained, we waste no time in taking action. We will work quickly and efficiently to bring a successful resolution to your situation. You will be assigned a specific member of our team that will be in constant contact with you throughout the process.
You have nothing to lose except for your debt!
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*Services not available in all districts.
*Individual results may vary based on earnings, assets, and current financial situation. Our law firm does not assume or pay any clients’ debts or mortgage loan, nor provide credit or tax advice in relation to any forgiven amounts. Bankruptcy is not available in all states.
*The information provided on this site is for general information and educational purposes only. The information presented should not be considered legal advice, and should not be misconstrued as such, and should most definitely not be acted upon without first consulting with an attorney. The information is subject to change without notice. Consult a debt relief lawyer licensed in your jurisdiction for specific advice.
*We provide Debt Relief services and are a debt relief agency, as defined by the U.S. Congress. We proudly assist people filing for bankruptcy relief under the Bankruptcy Code as well as various other services to help avoid bankruptcy.