I have successfully performed a hard reset and was able to get into my phone. As expected, all the personal data and apps have been removed. The OS is still upgraded though, so that is a plus, I guess. At the end of the setup process, it is asked me to reinstall my apps. Most seem to have reloaded without issue. Of course, all of my preferences were wiped.
A hard reset of the phone should resolve the issue, but it will also wipe all of the data:
http://www.zkhardreset.com/2016/11/hard-reset-and-factory-reset-of-blu_27.html