It can be so easy to get over your head in terms of one's financial obligations. Between the cost of living, medical insurance, and everyday expenses, a person can get buried financially. While it is possible to slowly dig oneself out of debt, it's not always a realistic option. That's why bankruptcy solutions exist, to help those struggling under the weight of debt find financial freedom.
In personal bankruptcy, like in instances of Chapter 7 bankruptcy, is it possible to discharge debts? But, what does this mean, to discharge debts? The process of discharging debts can occur in Chapter 7 bankruptcy filings when a debtor is released from the personal liability of specific types of debts. In short, the debtor is no longer required to pay any debts that have been discharged.
Bankruptcy doesn't always mean discharging debts. It can mean consolidating debt into a single manageable payment. However, the discharge of debts can have an instantaneous effect on a person's financial wellness, as it eliminates the need to make that payment. Discharging debts doesn't come without certain downsides, such as the effect on one's credit; however, the benefits can greatly outweigh the disadvantages for many Sacramento residents.
Filing for personal bankruptcy can be a fresh start for many struggling with financial burdens. Personal bankruptcy filings are entirely customizable, which allows a person to get to a financial place where they feel comfortable, in a way that feels right for them. There are other bankruptcy options besides Chapter 7 bankruptcy. If you are struggling financially, a personal bankruptcy filing could greatly improve your quality of life.
Source: FindLaw, "The Debt Discharge in Bankruptcy FAQ," Accessed March 26, 2018