Debt Relief Options
Debt Consolidation Loans
Debt Relief Services
Debt Consolidation
Debt Management
Debt Settlement
Debt Validation
Bankruptcy
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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What is Debt Consolidation?
Debt consolidation is when you borrow money from one lender to pay off multiple other lenders, attempting to get a better interest rate in the process. With debt consolidation, you are combining multiple smaller debts into one larger debt. A prime candidate for debt consolidation is someone who has good credit, has been consistently paying their bills on time, and will be able to consistently pay their bills on time going forward.
There are Five Types of Debt Consolidation Loan Options:
Borrowing from Friends or Family - (click to expand)
Borrow from Your Friends or Family at Your Own Risk
Borrowing from a friend or family can be a legitimate way to get out of debt but beware. If you can borrow the money from someone and are able to pay them back at a later date, we would suggest that as an option, but you should do so at your own risk. This type of borrowing can speed up the time it takes you to get yourself out of debt, but might not appear as easy as it seems. If you are unable to pay your creditors, and then you borrow from someone you know to pay your creditors back, you run the risk of ruining a relationship because you might not be able to pay that person back either. We have heard many horror stories from clients who have borrowed money from friends or family members and then ruined those relationships because they were unable to pay them back. It’s probably better off to keep family/friends and money separated.
There are Alternatives to Borrowing from Your Friends or Family
We offer multiple choices if you don’t want to borrow from your friends or family or you have no one you know to lend you the funds you need. Alternatively, if you are already delinquent with paying your creditor accounts, borrowing from your friends or family to pay off settlements for less than what you owe may also be a better option than borrowing the full amount which you’ll have to repay. If we settle your balances for less, then you won’t have to borrow as much and will have to pay back less in the long run, saving you thousands.
Credit Card Balance Transfer - (click to expand)
What is a Balance Transfer
A Balance Transfer is when you switch your outstanding credit card balance from one company to another. The new company will pay off the balance of your existing creditor account, and you will now owe money to the new company instead. Many credit card companies will offer you a lower promotional interest rate if you transfer your existing credit card balances to them. This seems like a good idea, and this is an option that many people choose, but we are opposed to balance transfers for several reasons.
Why Balance Transfers Don’t Help if Your Struggling Financially
Many people receive balance transfer offers that advertise a low interest rate or a 0% rate on any balances that are transferred to the new creditor. The problems is that just because a creditor will advertise a certain rate, it does not mean that you will get that rate, or that you will even qualify to transfer your balance at all.
If you do qualify, that promotional rate will usually increase significantly often after 6 to 12 months, which means in order to take advantage of the promotional interest rate, you have to have your whole balance paid off within that 6 to 12 month period or you will start being charged a higher interest rate again. Moving from credit card to credit card and continually opening new accounts when your promotional rates expire will negatively affect your credit rating as the “average age”.of your accounts will not be old.
Keep in mind that promotional interest rates only last if you pay on time, and chances are, if you are going through financial hardship, this might be hard for you to do. After only one late payment, the company you transferred your balance to will most likely raise your rate, and you’ll be right back where you started.
Using Balance Transfers to ‘Borrow‘ Your Way Out of Debt
Transferring your balance from one card to another will not get rid of your debt, and it will not reduce the amount that you owe. By transferring your balance, you are simply moving your debt from one card to another, many times leading to a situation where you are putting yourself in a worse predicament than you were in to begin with. Remember, you got into trouble in the first place by borrowing money, so borrowing more money won’t get you out of trouble.
Unsecured Consolidation Loans - (click to expand)
What is an Unsecured Consolidation Loan?
An Unsecured Consolidation Loan is a loan you can obtain without having to put up any assets as collateral. It is called an unsecured loan because the loan isn’t backed or secured by any assets. If you have good credit and a decent amount of income each month, than an unsecured loan may be a great way to consolidate your debts.
How Do You Know if You Qualify for an Unsecured Consolidation Loan?
The downside to an unsecured loan is that you first need to qualify. To be eligible, lenders will look at your debt load and how much money you make each month. If the amount of money you make each month is close to the amount that you owe in bills, then chances are no one will be willing to lend you more money. By combining all of your smaller debts into one larger debt, you can become a larger risk to a single potential creditor. Unless you can put up some assets as collateral, the odds of you being able to borrow enough money to cover such a large balance are probably not that good. The more substantial the combined amount of your debts, the harder it is to obtain an unsecured loan to pay them all off, and the higher the interest rate the loan will have if you do. If you don’t qualify for a low-interest rate, you could end up getting charged up to 24% or higher, which is no advantage to you and becomes just like a regular credit card. For the reasons listed above, we only recommend an unsecured consolidation loan if you can obtain a low-interest rate.
Through our Affiliates, We Offer Access to Unsecured Consolidation Loans
If you do want to look into the possibility of a loan, we belong to a network of lenders so can submit applications to many lenders at once on your behalf. If you qualify, we can arrange for a loan for you to pay off your debts. If you are already behind on your creditor payments, we may be able to arrange for a loan to pay off a lesser amount than you owe so we can settle your delinquent balances for less than what you owe, and still have the accounts zeroed out.
Remember, you most likely got into this financial situation in the first place by borrowing too much money at unfavorable terms. If you plan to get an unsecured loan, the key is to make sure that it is either at a better interest rate than you are currently paying or for a lower amount to settle your debt for less.
Here is a link to the Site Where You can Apply for an Unsecured Consolidation Loan with Multiple Lenders at Once.
Secured Consolidation Loans - (click to expand)
What is a Secured Consolidation Loan?
A Secured Consolidation Loan is when you put up an asset as collateral to get a loan, in which the proceeds of the loan are used to pay off your other debts. The most common type of secured loan is when the asset being used is the equity in a home in what is known as either a second mortgage or a home equity loan. Home equity loans can either be a revolving line of credit or a one time, closed-end loan. Revolving credit lets you choose when and how often to borrow against the equity in your home.
One of the drawbacks of a secured loan is that you are trading unsecured debt for secured debt. If you are struggling, even slightly, we would not recommend this option because if you miss any payments you could lose your home due to a foreclosure. This type of loan will typically take a long time to pay off, but that’s the trade off you will have to make to get a secured loan and a lower tax deductible interest rate if using your home as collateral.
How Do You Know if You Qualify for a Secured Consolidation Loan?
If you have enough equity in your home, a decent credit score, and enough income, this can be an excellent option for you. You will most likely get a lower interest rate than the one on your current loan(s), and that interest can potentially be deductible, which is a great benefit to you. This type of loan will cause your mortgage payments to increase, but will usually lower your total monthly payments compared to not consolidating and paying each of your other loan(s) individually, in addition to your mortgage.
Lenders look at many factors when determining the qualifications for a secured loan. They look at your credit score, debt-to-income ratio, loan-to-value ratio, the amount of equity in the home, along with a host of other factors. To combine all of your smaller credit card debts into one larger debt by using your house as collateral, it requires you to have equity in your home.
Through our Affiliates, We Offer Access to Secured Consolidation Loans
If you do want to look into the possibility of a loan, we belong to a network of lenders so can submit applications to many lenders at once on your behalf. If you qualify, we can arrange for a loan for you to pay off your debts. If you are already behind on your creditor payments, we may be able to arrange for a loan to pay off a lesser amount than you owe so we can settle your delinquent balances for less than what you owe, and still have the accounts zeroed out.
Remember, you most likely got into this financial situation in the first place by borrowing too much money at unfavorable terms. If you plan to get a secured loan, the key is to make sure that it is either at a better interest rate than you are currently paying or for a lower amount to settle your debt for less.
Other Types of Consolidation Loans - (click to expand)
What are Some Other Types of Consolidation Loans?
Other loans that can fall into either the secured or unsecured category are payday loans, some cash advances and business lines of credit as well as tax refund anticipation loans. No physical asset is put up to achieve the loan, but instead the pledge of future cash flow or payments.
Payday Loans & Cash Advances
As an example, usually with a payday loan, you would write a personal check for $115 to borrow $100 for two weeks or until payday. The annual percentage rate in this example is around 390%. If you borrow $5000, you’ll pay back $5750 or $750 of interest for on only a two-week loan. It’s highway robbery! Payday loans are illegal in some states.
Tax Refund Anticipation Loans
Another high-cost way to borrow money is a tax refund anticipation loan. This type of loan gives you an advance on an anticipated tax refund. The APRs in some instances can be over 700%. If you are short of cash, payday and tax refund loans should be your absolute last resort when every single other option would not work for you. Even a cash advance on your credit card may cost less, and we would also never suggest taking a cash advance out either.
Through our Affiliates, We Offer Access to Secured & Unsecured Consolidation Loans
If you do want to look into the possibility of a loan Payday loans, Cash Advances, and Tax Anticipation Loans are among the worst options regarding the interest rate cost to you. We belong to a network of lenders so can submit applications to many lenders at once on your behalf to shop for the best rate as an alternative to a high rate loan. If you qualify, we can arrange for a loan for you to pay off your debts. If you are already behind on your creditor payments, we may be able to arrange for a loan to pay off a lesser amount than you owe so we can settle your delinquent balances for less than what you owe, and still have the accounts zeroed out.
Remember, you most likely got into this financial situation in the first place by borrowing too much money at unfavorable terms. If you plan to get any type of consolidation loan, the key is to make sure that it is either at a better interest rate than you are currently paying or for a lower amount to settle your debt for less.
Debt Relief Alternatives to Debt Consolidation
The below options each have their benefits and drawbacks. Debt consolidation is a great option to use together along with the debt settlement option – if you qualify for a loan and are already past due on your monthly creditor payments. 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 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.
Bankruptcy
Bankruptcy is a last resort to help save you or your business from drowning in debt. For individuals, we offer Chapter 7 and Chapter 13 filings, and for businesses, we offer Chapter 7 and Chapter 11. We can help determine if you’re qualified and can get you the fresh start you’re looking for.
How Dramer Law Handles Our Debt Relief Cases
Read More by Expanding the Below:
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!
Lower Fees
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.
Our Reputation
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!
Other Services
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!
Client Testimonials
The court proceedings were annulled, and agreeable working terms were consolidated with my creditors
“Having to deal with a debt collection and settlement situation is a scenario that can certainly occur to anyone, irrespective of their station in life or how judicious they might have been in managing their finances. I was very ill-prepared to deal with this situation when it confronted me. By shear chance, pretty much stressed out on my options, I stumbled on www.Dramerlaw.com on my very first internet search. This was indeed my first port of call; I talked to Michael and I had the gut feeling I could work with them. I have not only been happily surprised, but very satisfied with my collaboration with Dramer. Michael, my principal liaison from day one has been very professional, available, applied, assiduous, and reassuring throughout this relationship; it is hard not to state it in such glowing terms, when it is what it is. From communications via phone calls, faxed messages, and e-mails I was able to receive and transmit all the paperwork relevant to my case. The court proceedings were annulled, and agreeable working terms were consolidated with my creditors. Equally appreciative is the post-resolution services and relationship that Dramer offers. Please give Dramer a try and I’d bet you will express your satisfaction in even more glossy terms.” N.T. Oneaonta, NY. 12-22-2017I 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!
Recommended
“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
Getting Started is Easy…
Call Now for Your Free Consultation
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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