Diane Drain

Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.

I ENJOY WORKING FOR PEOPLE WITH FINANCIAL PROBLEMS. MY DESIRE IS TO MAKE A POSITIVE IMPACT ON THEIR LIVES.

Nothing makes me feel better than preventing a creditor from garnishing a client’s income who is just scraping by on minimum wage. When I advise an extremely aggressive collector that they are no longer allowed to contact my client or try to collect the debt, I add to my client’s peace of mind. Years later, I’m delighted to hear from the same client, who has been able to refinance their home or purchase a new vehicle. This is why I went to law school in the first place.

-Diane L. Drain

All of this and more is why I am ecstatic to be able to assist both debtors and creditors in understanding bankruptcy.

person with lots of questions and unsure where to goBorrowers choose to accept and use credit cards and take out loans, according to the banking industry. Borrowers may also choose to borrow money from a loan shark, however lenders are barred by law from breaking any bones in the event of late or non-payment. When an innocent person gives personal information to an unscrupulous telemarketing, there is also a free choice involved; however, the state attorney general’s consumer fraud section should safeguard the individual, but they are often focused on bigger fish. Banks occasionally make shaky investments, owing in part to their greed, but they are bailed out at taxpayer money. Credit card users require a way out, thus bankruptcy rules are created.

A bankruptcy attorney must be knowledgeable in a variety of areas, including taxation, labor relations, divorce, and company law, to name a few.

Perhaps you can see what I mean when I say bankruptcy law is fascinating.  ⇒Click here to read more about Diane.

BANKRUPTCY – DEBTOR AND CREDITOR RIGHTS:

IMPORTANT: No one wants to be involved in a bankruptcy, neither debtors nor creditors.

lots of words: bankruptcy, unemployment, economyI’ve been assisting individuals and small businesses with bankruptcy issues. No one has ever approached me enthusiastic about the prospect of filing for bankruptcy or being involved in one. This law is intended to help both groups safeguard their property interests. Making the proper judgments and avoiding the pitfalls require an experienced bankruptcy attorney.

We represent individuals and small businesses who want to protect their assets through bankruptcy.

It is critical that debtors are aware of their rights and make full use of the law to protect their assets. Bankruptcy can be used to stop foreclosures and trustee sales, as well as wage garnishment and harassing phone calls to both your home and your workplace. Companies that want to keep operating are referred to other highly qualified bankruptcy attorneys who can assist them with a chapter 11 bankruptcy.

DEBT REPAYMENT CALCULATOR

To some of you who have strong views about the bankruptcy legislation, none of this may seem like a huge deal, but it shows an important point.

When a bankruptcy petition is filed, both creditors and debtors’ lives might be drastically altered. The primary principles of bankruptcy are to give debtors a fresh start and to ensure that creditors get a fair allocation of available assets. What a fantastic result!

woman cowering in a cornerSomeone’s life is barely holding together before applying for bankruptcy protection – they are afraid of answering their own phone; they are embarrassed at work by calls from collection agencies; and they may be afraid of losing their home or automobile.

Many of my clients tell me that after filing for bankruptcy, they can breathe easier and sleep better at night. They walk into work with their heads held high, aren’t frightened to answer the phone, and can read their mail without feeling queasy.

Some creditors, particularly credit card companies, have grown excessively greedy and deceptive.

Many times, it is because of these creditors that my clients are forced to file bankruptcy. For example, an American Express debt collector told my client, an 82-year-old widow, that he “had the legal right to bring a moving van to her residence and take whatever he wanted.”

cartoon bully towering over a small boyOur clients are subjected to unspeakable horrors.

Every consumer debtor attorney has a slew of these stories. Don’t get me wrong: I am a responsible woman who believes that everyone should pay their bills. But, if those obligations have gotten so overwhelming that my clients must choose between buying needed medicine and paying their credit card, I am grateful they have the legal opportunity to file for bankruptcy and start again.

Allow us to be the link that connects you to a more serene life…..

beautiful red asian bridge reflected in a river

Bankruptcies are required to prevent aggressive creditors from closing down a viable but overburdened company.

A Chapter 11 bankruptcy allows a firm to repay part of its debts, but only on terms that it can afford. Small and large businesses can benefit from Chapter 11. It could be a way to assist a corporation in resolving overwhelming debt and eliminating over-financed obligations. Employees are kept employed, inventory is purchased, and taxes are paid through a Chapter 11 filing. Without Chapter 11, those employees would lose their jobs, inventory providers would face financial hardship, and the tax burden would fall on others.

sign - trust me I'm a liarBorrowers are occasionally abused by creditors, while creditors are sometimes abused by borrowers.

Debtors take on debts that they have no intention of repaying. The debtors deceive their creditors by falsifying their financial statements. They lie about assets on purpose and employ every trick in the book to deceive existing and new creditors. The bankruptcy laws are also intended to assist creditors. Those creditors are not the aggressors; they are the good guys. If a debtor sells assets for less than they are worth, puts debts on credit cards knowing they will not be able to pay, or fraudulently takes money without intending to pay, those creditors are not the aggressors; they are the good guys.

The bankruptcy laws may allow you, or your creditors, to go back in time and reclaim assets you sold or money you paid out.

These assets are returned to the bankruptcy estate and distributed to the creditors in a fair manner. Injured creditors should not be passive during a bankruptcy. To be protected, they must actively participate in the process.

Why is bankruptcy so crucial to our country.

Hopefully, you can see how our country’s economy would be adversely impacted if we weren’t protected by these well-established bankruptcy principles. Perhaps this clarifies the significance of bankruptcy in our personal, professional, and social lives. If bankruptcy laws did not exist, each of us would be directly impacted.

woman climbing a mountain of paperwork

As a result, the next time someone says “bankruptcy,” don’t jump to a negative conclusion and assume “failure” is synonymous with bankruptcy.

A bankruptcy’s paperwork might be burdensome. Putting yourself under the microscope of the bankruptcy process requires more time, energy, and willpower than closing the business or going underground as a consumer. Consider it a Constitutional right that holds our lives together while also allowing us to function as a developing and prosperous economy. Give bankruptcy law the credit it deserves, and you’ll discover it’s a fascinating area of law.

Knowledge is Power -light shining on a book