Many people are in debt that they can’t pay, often due to unexpected medical bills or a loss of income. This can be a stressful situation, and sometimes even debilitating. There are federal laws which offer bankruptcy solutions to citizens to start fresh.
Bankruptcy offers several advantages it can provide, including the abolition of harassment by creditors and the discharge of debts, among other things. It also allows exemptions for crucial assets such as automobiles and homes from repossession or foreclosure, and offers a method to rebuild credit over time.
However, it’s crucial to think about the impact on credit, the potential loss of assets and the limitations of bankruptcy when deciding whether it’s a viable option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the best option to a person’s unique 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 solution for managing bankruptcy which helps to reduce costs and risks. Our bankruptcy solutions enable servicers to quickly and accurately notify creditors of bankruptcy filings. They can also receive updates as the case disposition changes, and they can automate the process to improve the amount of recoveries and reduce operational burdens. Servicers can also use the solution to prepare, modify and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third-party service providers for completion.
