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What can filing for personal bankruptcy accomplish?

Thinking about the average person and the financial obligations that one may be facing, it can sometimes be daunting! The most common costs people must absorb include housing, food and transportation costs. However, the average person has student loan debt and other financial obligations that can quickly pile up in the form of unpaid bills and other debt. It doesn't take much for finances to get out of control.

When it feels like you have gotten into financial obligations that are becoming overwhelming, there is an option in which a person can dig themselves out of a financial hole, so to speak. One way is to seek a solution in the form of personal bankruptcy. The goal of bankruptcy is to allow those overwhelmed by debt a way out, which gives Sacramento residents a fresh financial start. Some would say that bankruptcy can be life-changing - in a good way!

There are a few different types of bankruptcy that can be utilized by those struggling with debt. Chapter 7 focuses on liquidating assets to pay down debts. Chapter 13 takes a different approach by attempting to negotiate a long-term payment plan with creditors. There are other types of bankruptcy, so it's good to explore options to determine which may be best for your financial situation and your family. Beyond the different approaches to taking care of debt, there are specific conditions that must be met, either to qualify or to meet the conditions of the bankruptcy.

Sometimes a person's insecurities can hold them back from seeing the help that they need. Bankruptcy can be a great answer for those struggling with the question of how to deal with their debt. Debt can be a healthy part of a person's financial portfolio. However, it can also become unmanageable and overwhelming to the point where a person cannot keep up with their financial obligations - bankruptcy can help.

Source: FindLaw, "Bankruptcy: An Overview," Accessed Feb 12, 2018

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Law Office of Gilbert B. Vega
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