Bankruptcy

Many view bankruptcy as a negative method to resolve financial difficulties.  But at Conway & Seefeld we view bankruptcy as an effective tool to level the playing field between creditors and debtors. 

Bankruptcy allows debtors to readjust their obligations to creditors.  An individual can eliminate a portion if not all their debts through bankruptcy.  Although some debts can not be eliminated (child support), most can (medical bills and credit card debt).

For individuals, there are effectively two types of bankruptcy.  A chapter 7 filing or a chapter 13 filing.

A Chapter 7 filing is primarily used by individuals to free themselves of debt simply but inexpensively.  Here the bankruptcy trustee collects and sells all nonexempt property and uses these funds to pay creditors.  However, the debtor may elect certain property to be exempt from this sale.  As a result, the debtor is able to discharge certain debts.

A Chapter 13 filing permits individuals who desire to pay their debts but are currently unable to do so.  The purpose of chapter 13 is to enable financially distressed individual debtors, under court supervision and protection, to propose and carry out a repayment plan under which creditors are paid over an extended period of time. Under this chapter, debtors are permitted to repay creditors, in full or in part, in installments over a three year period, during which time creditors are prohibited from starting or continuing collection efforts.

The attorneys at Conway & Seefeld have helped many individuals reorganize their financial obligations and start over through bankruptcy.

For more information contact or schedule an appointment with either:

        Kenneth H. Conway

        Rodney D. Seefeld

        Misty M. Muter