Many people are in debt they can’t pay off, usually due to unexpected medical expenses or a loss in earnings. This can be a stressful situation, and in some cases debilitating. There are, however, federal laws that provide individuals with bankruptcy options to give them a chance to start over.
It has numerous advantages, including stopping creditor harassment and allowing debt discharge and much more. It also permits exemptions to shield important assets such as vehicles and homes from foreclosure or repossession and offers a planned process for rebuilding credit over time.
It is nevertheless important to think about the impact on credit, possible loss of assets and limitations of bankruptcy when deciding whether or not it’s an appropriate option. Consultation with a financial adviser or bankruptcy lawyer can provide valuable guidance and insights into what type of solution is most appropriate based on the individual’s 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 his explanation to create an extensive, end-to-end bankruptcy management solution that helps lower costs and risk. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately of bankruptcy filings, receive updates whenever dispositions in the case change and to automate the process to maximize recovery and reduce operational workloads. The solution allows servicers also to prepare, modify and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or forward forms to third parties for their completion.