(719) 520-0003

There are few things more stressful and frightening than filing for bankruptcy. Not only will the decision have a
lasting impact on your credit score, but the process itself is complex and

At Kinnaird & Kinnaird, our experienced Colorado bankruptcy
attorney team understands the frustration you feel. Our team will help you file
paperwork, meet deadlines, and collect essential information. But first, you
must decide which type of bankruptcy is best for your household.
Below, we’ll discuss the differences between Chapter 7 bankruptcy and Chapter
13 bankruptcy.

Chapter 7

 When you file for Chapter 7 bankruptcy, you agree
to liquidate your assets – using them to wipe out unsecured debts like credit
cards and medical bills. In order to qualify, you must show little or no
disposable income at the time of your filing. Next, a trustee will be appointed
to administer your case. This trustee will review your papers, supporting
documentation, and testimony. If everything lines up correctly, the trustee
will sell your nonexempt property to pay your creditors.

If you have no property to liquidate, your creditors receive
nothing. For this reason, many households with few assets choose to file for
bankruptcy to get rid of unsecured debts, providing more expendable income to
pay the bills.

13 Bankruptcy

 When you file for Chapter 13 bankruptcy, you agree
to pay back a portion of your debts through a repayment plan. The amount you
must repay will vary based on your income, expenses, and types of debt you’ve
incurred over the years. There are many benefits to filing for Chapter 13
bankruptcy, including the ability to make up missed mortgage payments, the
right to keep all of your property, and the opportunity to make good on your

Should I Choose?

 The major difference between filing for Chapter 7
bankruptcy and filing for Chapter 13 bankruptcy is income level. If you have
few assets and little incoming money, you’ll want to file under Chapter 7. If
you have enough expendable money to move forward from month to month, making
partial payments on your debts, you’ll want to file under Chapter 13. However,
there are several other considerations. For example, only individuals may file for
Chapter 13 bankruptcy. Anyone, including businesses, may file for Chapter 7

In addition, discharge from Chapter 7 bankruptcy takes place
anywhere from three to five months after filing. Discharge from Chapter 13
bankruptcy takes place when all payment plans are complete, which could take
several years.

Contact an Experienced Colorado Bankruptcy
Attorney for Assistance

Filing for bankruptcy may feel like defeat. But, when
done correctly, it can forge the beginning of a better financial future.

 If you’ve chosen to file for bankruptcy, contact an experienced
Colorado bankruptcy attorney for representation and assistance at (719)-520-0003. Our attorneys at Kinnaird & Kinnaird will
help you through this difficult process, giving you time and energy to focus on
more important things – like your family, your happiness, and your well-being.

Contact Us