Nationwide Chapter 7 Bankruptcy Attorneys


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The Law Offices of Kenneth H Dramer PC is a diversified debt relief law firm, with years of experience in the practice areas of debt settlement, debt collection lawsuit defense, foreclosure defense and avoidance, predatory lending violations, Federal Debt Collection violations, and Bankruptcy. 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.

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Debt Relief Attorneys

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Debt Relief Attorneys

Learn about your options.

See what you can save.

Contact Us Today.

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Why You Should File for Bankruptcy

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. By eliminating your debts and ridding yourself of the stress associated with being burdened financially, you will be able to gain peace of mind just like our Debt Lawyers have been able to do for so many others just like you!

Filing Chapter 7 Bankruptcy

When you or your business files a Chapter 7 Bankruptcy, often called liquidation bankruptcy, it’s the most frequent type of Bankruptcy filed.  A bankruptcy petition is completed and filed with the court listing your assets, income, expenses, and debts owed.  The Bankruptcy courts appoint a trustee to review your petition to determine if any of your assets can be seized and sold to pay back your creditors either a portion or the entire amount owed.  If you have no assets OR the assets that you own are exempt, then there is nothing to be seized or sold and therefore nothing will be paid to your creditors through your bankruptcy.  In most cases, a Chapter 7 Bankruptcy will eliminate your debt with either a very minimal payment on your part or no payment at all.  Other than the negative mark on your credit, a bankruptcy can offer you a fresh start.

Median Income Qualifications for Chapter 7 Bankruptcy

When dealing with income qualifications for Bankruptcy, it is very important that you understand if you are married and live with your spouse that the Bankruptcy Trustee will evaluate not only your income but also your spouse’s income to assess the Total Household Income.  Meaning, if you are married and you want to file for bankruptcy individually without your spouse, you can, but we will need to disclose to the bankruptcy courts proof of income and expenses for both you and your spouse.  The bankruptcy will not affect your spouse in any way including their credit score.  We do not have to list any information about them your petition other then their income and expenses to determine if you will qualify to file.

If your household income is below your State’s median income for a household of your size, then you will qualify for bankruptcy as long as your assets are not over the exemption amounts as described further below on this page.  If your household income is above the median income for your state,  you’ll have to overcome another hurdle in order to qualify, the Means Test as described in the below section.

Click & Expand to See Your State's Median Income

Click to Expand & Download to See Your State's Median Income

The Chapter 7 Bankruptcy Means Test

 

The Means Test is the part of the qualification process where your monthly expenses are further analyzed against your income to determine if you are living beyond your means.   The means test uses a list of “allowable expenses” (published by the IRS) and your average monthly income over the six month period before filing your Chapter 7. Once your average income is determined, the IRS allowable expense amounts are deducted from your income.  After calculating the figures, the number left over as a result of this calculation is used to determine whether or not you are living within your means.  If you are living within your means,  you will be able to file for Chapter 7 Bankruptcy.  If you are living above your means, you will be forced to file a Chapter 13 bankruptcy instead.

Asset Restrictions for Filing Chapter 7

 

The most important asset most of our clients are worried about potentially losing would be their home. Each state sets the limits of home equity levels that are exempt.  This means unless your state allows for $0 exemption, some or all of your home’s equity may be protected.

As an example, in the state of New York, where our offices are headquartered, If you own a home the exemption amount for your primary residence is up to $170,825 of equity in your home if you live in Manhattan, Brooklyn, Queens, The Bronx, Staten Island, Nassau, Suffolk, Rockland, Westchester, and Putnam.  If you live in Dutchess, Albany, Columbia, Orange, Saratoga, or Ulster Counties, you are allowed up to $142,350 of equity in your home.  If you live in a county not mentioned, you are allowed to have up to $85,400 of home equity.  These figures can all be doubled if you are married and filing jointly with your spouse.  Again these figures relate to equity in your primary residence and do not apply to any secondary or investment properties you may own.   If you have more home equity than allowed as dictated above, then you will not be allowed to file Chapter 7 and would be forced into a Chapter 13 Bankruptcy instead, and in that case, it may make more sense to look into bankruptcy alternatives such as debt settlement.

The standard exemption amount for a vehicle in the State of New York is $4,550 but if you are physically disabled and your vehicle is equipped with modifications to accommodate your disability you will be allowed to have up to $11,375 of equity in the vehicle before you potentially lose it.  As in the case with home equity, if you are filing bankruptcy jointly with your spouse, these equity exemption amounts can be doubled as well.

The amounts authorized for each type of asset in your state can be found here.

Debt Relief Alternatives to Chapter 7 Bankruptcy

 

Chapter 7 Bankruptcy allows an individual or business to pay back a small portion or none of their debts, but sometimes the negative mark on ones credit report that can remain for years to come is too much for some individual to bear.  We usually do not suggest a Chapter 7 Bankruptcy if the debt loads are lower or the discretionary income of the individual is too high.  If there are assets that have too much equity Chapter 7 Bankruptcy can be an issue.  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.

Debt Consolidation

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.

Debt Management

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.

Debt Settlement

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