The past few years have forced many residents of Sacramento to rely more heavily on debt to finance everyday tasks. Many have seen their debt increase in the form of credit card debt, student loan debt or mortgage debt if the house has lost value.

In some cases, debt can be beneficial to the individual. Debt can help a student make it through school. Debt can also help a business get an idea of the ground. For example, the electric car company Tesla received a loan from the government, which it was able to fully repay in 2009. Tesla would never have been able to create the electric car without incurring that debt.

Debt can be a necessary occurrence in these economic times. For example, it can be used to finance a car that will allow the debtor to get to work or school. Debt can be a great tool to reach goals. But sometimes a debtor's financial circumstances change through no fault of their own, causing these debts to become overwhelming. Fortunately, when this happens debtors have options, such as bankruptcy, to get out of debt.

Bankruptcy is an option for individuals who are facing more debt than they can afford to pay back. This debt can include debt such as medical debt, credit card debt and mortgages. Bankruptcy allows the debtor to either discharge their debt or to create a debt repayment plan. Chapter 7 bankruptcy allows the debtor to discharge their debt. Chapter 13 bankruptcy allows the individual to create a debt repayment plan that can lower interest rates and eliminate fees.

No matter how a debtor managed to fall behind on payments, there are debt relief options. Bankruptcy is just one way debtors can regain control of their financial future.

Source: USA Today, "Debt shouldn't be a four-letter word," Jeff Reeves, July 28, 2013