Many people are in debt they can’t pay off, usually due to unexpected medical expenses or a loss of earnings. It can be stressful and, in some cases, debilitating. There are federal laws which offer bankruptcy solutions to citizens to make a fresh start.
The bankruptcy process offers many benefits that include stopping the harassment of creditors and allowing the discharge of debts, among others. It also provides exemptions for essential assets like homes and cars from repossession or foreclosure, and offers a structured way to build credit over time.
It is nevertheless important to consider the impact on credit, the potential loss of assets and limitations of bankruptcy when deciding whether or not it’s a viable option. A financial expert or bankruptcy lawyer can provide valuable insight and guidance on the best solution for a person’s particular financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to create a comprehensive end-to-end bankruptcy management solution that helps reduce costs and risk. Our bankruptcy solutions offer service providers the ability to inform creditors quickly and accurately of bankruptcy filings, and receive updates whenever dispositions in the case change, and automate the process in order to maximize recoveries and reduce operational workloads. The solution also allows servicers to create, edit, and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third parties for completion.
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