Many people are in debt that they aren’t able to pay back, typically due to unexpected medical expenses or a loss of income. This can be stressful and, in some cases difficult to deal with. There are federal laws which offer bankruptcy options for people to make a fresh start.
The bankruptcy process offers many benefits, such as stopping harassment by creditors and allowing the discharge of debts among others. It also allows for exemptions to shield important assets such as vehicles and homes from repossession or foreclosure, and provides a logical process for rebuilding credit over time.
However, it’s important to think about the impact on credit, possible loss of assets, and the limitations of bankruptcy when deciding whether or not it’s a viable option. Consulting with a financial advisor or bankruptcy lawyer can give valuable advice and insight into which solution is the best one based on your unique financial situation.
Stretto the leader in the Chapter 7 landscape for more than 30 years, has paired industry insights with the latest technology to develop an end-to-end bankruptcy solution that reduces the risk and costs. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately about bankruptcy filings, receive notifications when the disposition of a case changes and to automate the process to maximize recoveries and decrease the workload of operations. The solution allows servicers also to create, modify, and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third-party service bankruptcy solutions providers for completion.
