Many people are in debt they cannot pay, usually due to unexpected medical bills or a loss of income. It can be stressful and, in certain cases even debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy solutions to help them a new start.
Bankruptcy has many advantages, including stopping creditor harassment as well as allowing debt to be discharged and much more. It also allows for exemptions to protect important assets such as homes and vehicles from repossession or foreclosure, and provides a logical process for rebuilding credit over time.
It is essential to weigh the potential effects of bankruptcy on credit, assets and limitations before making a decision on whether it’s a viable option. A financial expert or bankruptcy lawyer can provide valuable information and advice on the best option for a person’s specific 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 a comprehensive end-to-end solution for managing bankruptcy that reduces costs and risk. Our bankruptcy solutions give servicers the ability to notify creditors quickly and accurately of bankruptcy filings, and receive updates whenever dispositions in the look at this site case change, and automate the process to maximize recoveries and reduce the workload of operations. Servicers can also use the solution to create, edit and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third-party service providers for completion.