Many people are in debt they can’t pay off, usually due to unexpected medical expenses or a loss of income. This can be stressful and, in certain cases it can be debilitating. Fortunately, there are federal laws that can provide citizens with bankruptcy solutions to give them a fresh start.
The bankruptcy process has many benefits which include stopping harassment from creditors, allowing debt discharge, and more. It also allows exemptions to shield important assets such as homes and vehicles from repossession or foreclosure, and provides a logical procedure for rebuilding credit over time.
However, it’s important to take into consideration the impact on credit, the possibility of loss of assets, and the limitations of bankruptcy when deciding whether it’s a viable option. A consultation with a financial advisor or bankruptcy attorney can help provide valuable guidance and insight on what kind of solution is the best one based on one’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing information from the field with the latest technology to create an extensive, end-to-end bankruptcy management system that helps lower costs and risk. Our bankruptcy solutions allow servicers to rapidly and accurately inform creditors of bankruptcy filings. They also receive updates when the disposition of a case changes. They also automate the process to increase the amount of recoveries and reduce operational burdens. The software also allows servicers to prepare, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim and upload documents and print or email forms to a third party for completion.