Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss in earnings. This can be stressful and, in https://brittandcatrett.com/2020/03/08/business-solutions-for-small-businesses-to-work-optimally a few cases, debilitating. There are, however, federal laws that provide people with bankruptcy options to give them a chance to start over.
It has numerous advantages that include stopping harassment by creditors and allowing debt discharge and more. It also allows exemptions to protect important assets such as homes and vehicles from foreclosure or repossession and provides a well-planned way to rebuild credit over time.
It is nevertheless important to think about the impact on credit, the potential loss of assets and limitations of bankruptcy when deciding whether it’s the best option. Talking with a financial professional or bankruptcy lawyer can give valuable advice and insight into what type of solution is the best one based on one’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 provide a complete, end-to-end bankruptcy management system that helps lower costs and risks. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately of bankruptcy filings, receive updates when dispositions of cases change and to automate the process to maximize recoveries and decrease operational workloads. Servicers can also use the solution to create, edit and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or forward forms to third parties for completion.