Bankruptcy law is designed to give us all a fresh start. Most people don’t have to give up their basic possessions and can keep $25k plus of equity in their homes. They can choose between immediate discharge relief under Chapter 7, or instituting a repayment plan under Chapter 13, if their assets are beyond the scope of basic Chapter 7 protections. For small business, they can choose either Chapter 13 or the new Subchapter V of Chapter 11 which dispenses with creditor consent. As you weigh you or your clients’ financial retooling options, federal bankruptcy might be the best path forward to a new beginning.