Many people end up in debt that they aren’t able to pay, usually due to unexpected medical expenses or an unexpected loss of income. It can be more info here a stressful experience, and in some cases, debilitating. There are, however, federal laws that provide citizens with bankruptcy solutions to give them a chance to start over.
The bankruptcy process has numerous advantages that include stopping harassment by creditors and allowing the discharge of debts, among other things. It also grants exemptions to crucial assets such as automobiles and homes from repossession or foreclosure and provides a structured method to rebuild credit over time.
Nonetheless, it is important to consider the impact on credit, potential loss of assets and the limitations of bankruptcy when determining whether it is a good option. A financial consultant or bankruptcy lawyer will provide valuable information and advice on the most appropriate solution for a particular financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years, has partnered industry insights with advanced technology to create an end-to-end bankruptcy system that reduces the risk and costs. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately about bankruptcy filings, and receive updates when case dispositions change and also automate the process to maximize recovery and reduce operational burdens. The solution also permits servicers to prepare, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim, upload documents and print or transmit forms to third parties for the completion.
