The purpose of a bankruptcy is to provide you with what is called a “Fresh Start”, free from most, if not all, of your debts and financial obligations.   Of course, if you want to keep your house and car(s) you still have to pay for them.   No one wants to file for bankruptcy or even believes it will ever happen to them.   Oftentimes, bankruptcy is caused by unexpected or long term unemployment, illness, divorce, lawsuits, failed business, or tax problems - things usually beyond your control.   A discharge in bankruptcy allows you to discharge the majority of your debts and start life anew - hence the term “Fresh Start.” 

There are 4 chapters under the Bankruptcy Code under which you may file and Julie Koenig at Cooper & Scully offers competent and extensive legal advice regarding them:

• Consumer bankruptcy (Chapter 7 and Chapter 13): Ms. Koenig will help you determine if you are qualified for Chapter 7 or Chapter 13 bankruptcy, and explain to you what happens in each chapter. We will also address what type of dept is dischargeable in your bankruptcy, what property you may exempt as well as the overall benefits of bankruptcy and how it will affect your financial standing.
• Business bankruptcy (Chapter 11 and Chapter 7): If you own a business, we will assist you with understanding the debt relief options available to you, depending on your circumstances and your business objectives. We will educate you of the benefits of Chapter 11 and Chapter 7 bankruptcy and strategically lead you though the process.
• Chapter 12 bankruptcy: We are prepared to assist family farmers and fishermen in filing Chapter 12 bankruptcy. While this type of bankruptcy structure is similar to Chapter 13 bankruptcy, there is a greater degree of specialization toward a particular industry. Individuals looking to file a Chapter 12 bankruptcy should contact our office to schedule a free consultation.

Julie Koenig is committed to learning about your financial circumstances and can address your concerns about what happens to your property during bankruptcy and help you understand the bankruptcy basics, like how you can stop creditors in their tracks by filing for Chapter 7, Chapter 11 or Chapter 13 bankruptcy.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Resources:

Consumer Bankruptcy: Chapter 7 & 13
Business Bankruptcy: Chapter 11 & 7
What Happens to My Property in a Bankruptcy?
Stopping Creditors in Their Tracks
Mandatory Debt Counseling
Filing for Bankruptcy - The Process
What is an Automatic Stay?
Assignment of a Trustee and a Judge?
Exemptions
The 341/Creditor's Meeting
Reaffirmation Agreements
Discharge