For some readers of this blog, bankruptcy may sound like a bad thing. It is not uncommon for people to have preconceived notions about the process and about the kinds of people who may have to use it to salvage their financial futures. In reality, however, bankruptcy is a useful option for everyday people who have gotten stuck in a cycle of debt.
Bankruptcy gives people a way out of their overwhelming debts. Although not every type of loan or debt is dischargeable in bankruptcy, many obligations like credit card debt, medical debt, and others can be reduced or eliminated through the utilization of bankruptcy.
Debtors have options when they choose to file for bankruptcy. If they earn income and can pay off their debts over time, they may file for Chapter 13 bankruptcy. If they are struggling to meet their basic needs as their debts grow, they may qualify for Chapter 7 bankruptcy.
These forms of personal bankruptcy offer individuals protection from their creditors as they work with bankruptcy trustees to create plans to overcome their financial burdens. Whether through repayment over time or the liquidation of their assets, debtors can get their lives in order by using the bankruptcy courts for help.
The law firm of Balbo & Gregg works with clients who are unsure of what to do about their mounting debts. Regardless of how they found themselves in their financial situations, the clients of Balbo & Gregg are treated with respect and given exceptional legal guidance as they work toward solidifying their post-bankruptcy lives.