Many people are in debt they cannot pay, usually due to unexpected medical expenses or an income loss. This can be stressful and, in certain cases it can be debilitating. There are federal laws that offer bankruptcy solutions to citizens to make a fresh start.
The bankruptcy process has many benefits that include stopping harassment by creditors as well as allowing debt to be discharged and more. It also offers exemptions for crucial assets such as automobiles and homes from foreclosure or repossession, and offers a method to rebuild credit over time.
It is nevertheless important to think about the impact on credit, potential loss of assets, and the limitations of bankruptcy when determining whether it’s a viable option. A financial consultant or bankruptcy lawyer will give valuable insight and guidance on the best approach 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 an extensive, end-to-end bankruptcy management system that reduces costs and risk. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately about bankruptcy filings, and receive updates when dispositions of cases change and also automate the process in order to maximize recoveries and decrease operational workloads. The solution allows servicers also to create, edit and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or forward forms to third-party service providers for completion.