Many people end up in debt that they aren’t able to pay, usually due to unexpected medical bills or an unexpected loss of income. It can be a stressful experience, and sometimes even debilitating. Fortunately, there are federal laws that provide people with bankruptcy solutions to help them a chance to start over.
It has numerous advantages, including stopping creditor harassment and allowing debt relief and more. It also permits exemptions to protect critical assets like homes and vehicles from foreclosure or repossession, and offers a planned procedure for rebuilding credit over time.
However, it’s crucial to consider the impact on credit, potential loss of assets and limitations of bankruptcy when deciding whether or not it’s a viable option. A financial consultant or bankruptcy lawyer will give valuable insight and guidance on the most appropriate solution for a person’s particular financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years, has paired industry insights with advanced technology to create an end-to-end bankruptcy solution that minimizes costs and risk. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately of bankruptcy filings, receive updates when case dispositions change and to automate the process in order to maximize the amount of recoveries and reduce the workload of operations. The solution allows servicers also to design, modify and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third parties for completion.