Many people end up in debt that they can’t pay, often due to unexpected medical expenses or an income loss. It can be a stressful experience, and sometimes even debilitating. There are federal laws which provide bankruptcy solutions for citizens to get a fresh start.
Bankruptcy has many advantages, such as the abolition of harassment by creditors and the discharge of debts among others. It also offers exemptions for important assets like cars and homes from repossession or foreclosure and provides a method to rebuild credit over time.
It is important to evaluate the potential consequences of bankruptcy on your credit, assets and limitations before deciding whether it’s a good option. Consultation with a financial adviser or bankruptcy attorney can provide valuable guidance and insights on what kind of solution is the best one based on the individual’s financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing industry insights with robust technologies to create an extensive, end-to-end bankruptcy management solution which helps to reduce costs and risks. Our bankruptcy solutions offer service providers the ability to notify creditors quickly and accurately about bankruptcy filings, get updates whenever dispositions in the case change and also automate the process in order to maximize the amount of recoveries and reduce operational workloads. The solution also permits servicers to prepare, modify and approve court forms including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and send the forms to an outside party for completion.
