Bankruptcy can provide the honest but unfortunate business or individual a clean slate upon which to map out a financial recovery unencumbered by the pressure and discouragement of preexisting debt.

The Law Office of Steven R. Kolodziej, LLC, represents the debtor or creditor in a bankruptcy proceeding. For the debtor, it recommends whether liquidation, reorganization, or debt adjustment is the appropriate course of action. Chapter 7 liquidation is for the business or individual with little to no assets and, in the case of the individual, whose income falls below a certain threshold. Chapter 11 reorganization is customarily used by the business that wishes to continue operating as it repays its creditors under a repayment plan. Chapter 13 debt adjustment is designed for the individual with a regular income who wishes to remain in possession of the estate property as she repays her creditors under a repayment plan.

The firm prepares or reviews, as the case may be, the voluntary petition, statement of current income and means test calculation, written disclosure statement, plan of reorganization or liquidation, plan of debt repayment, and requests to use, sell, lease, or abandon estate property. For the creditor, the firm prepares the involuntary petition and proof of claim. It requests administrative expenses and relief from automatic stay. The firm also represents the business or individual against whom the bankruptcy trustee files an adversarial proceeding.