Arant Law LLC

About Arant Law LLC

Bankruptcy Attorney in Parker, Colorado

The attorneys at Arant Law have assisted businesses and individuals with a wide range of legal matters since 1987. You can trust our Parker law firm to provide you with the legal assistance you need. Our attorneys have over 30 years of collective legal expertise as Parker lawyers and pride themselves on adhering to the highest ethical standards.

Which Bankruptcy Chapter Should I File?

If you are an individual, your choices for bankruptcy are generally either Chapter 7 or Chapter 13. The bankruptcy attorneys at Arant Law can analyze your current situation to determine which bankruptcy chapter is best for you.

Chapter 7 Bankruptcy

If you are a modest income earner with limited assets, you may want to consider filing for a chapter 7 bankruptcy. In a chapter 7 bankruptcy case, the bankruptcy trustee gathers all the debtor’s non-exempt assets. They then sell these assets to pay your creditors. Accordingly, it is important to note that chapter 7 cases result in a debtor being unable to keep many of their possessions.

To learn more about Chapter 7 bankruptcy, consider reviewing Chapter 7 Bankruptcy Basics posted by the United States Courts.

Chapter 13 Bankruptcy

If you are concerned about keeping your home or other non-exempt assets, you may want to consider filing for a chapter 13 bankruptcy. Contrary to a chapter 7 bankruptcy, a chapter 13 bankruptcy involves paying off your creditors over years. While you get to keep your assets in chapter 13, you must propose an acceptable plan to pay your creditors’ claims.

To learn more about chapter 13 bankruptcy, consider reviewing Chapter 13 Bankruptcy Basics by the United States Courts.