Consumer bankruptcy is a type of personal bankruptcy that aims at reducing debt on personal expenses. This type of debt includes but isn't limited to credit card debt, mortgages and car loans. If you only have this kind of debt, filing for bankruptcy is fairly simple and it usually results in taking this burden off your shoulders by allowing you to pay only what you can afford, based on the amount of money you earn.
Although this appears to solve your personal financial issues, you should be aware of the fact that it doesn't wipe out other categories of personal debt such as child support. Also, keep in mind that if you own property that exceeds the exempted amount, you'll have to sell it. If you have no such property, you won't need to worry about so many issues.
There's a difference between Chapter 7 bankruptcy cases and Chapter 13 bankruptcy ones. Under Chapter 7, you can expect your case to be complete within three to six months, while under Chapter 13 this process may take three to five years. Even so, you may not have to repay all of your debts, regardless of the bankruptcy type you file for. Even under Chapter 13, which implies that you do have regular income, you may have some debt wiped out. However, every case is different, so you can't know for sure how things are going to be in your specific situation. Filing for consumer bankruptcy is a personal matter, so you can't learn too much from other people's experience.
If all these seem to be too complex for you to manage on your own, you should seek for expert support and guidance. At Insolvency Trustee Edmonton, we have experts who can help you. All you need to do is contact us today to discuss your case and to see what you can do to minimize your losses and to sort out your financial situation. If you're afraid you might lose your home as consequence of a Chapter 13 bankruptcy filing, we'll be happy to evaluate your situation and to calculate the real risk of you losing your home. If you need a trustee to manage your case, consider us as one of your viable options. We've helped hundreds of clients like you, so we've already acquired a wealth of experience in this industry. We are willing to use everything we know to help you with your personal bankruptcy case.
There are many methods to get out of debt, so you should, at least, try to inform yourself on all these opportunities before filing for bankruptcy. We can provide you with all details you need, so do not hesitate to schedule an appointment with one of our expert attorneys. Once you'll understand everything such a decision implies, you'll be able to make the right choice for your future and for the financial health of your family. This is something you should treat with the greatest possible attention, if you want to avoid even more serious money problems.