Many people are in debt that they aren’t able to pay back, typically due to unexpected medical expenses or a loss in earnings. This can be stressful and in some cases debilitating. There are, however, federal laws that provide citizens with bankruptcy solutions that give them a fresh start.
Bankruptcy offers several advantages, such as the abolition of harassment by creditors and the discharge of debts, among others. It also allows for exemptions to protect important assets like homes and vehicles from foreclosure or repossession and provides a structured process for rebuilding credit over time.
Nonetheless, it is important to take into consideration the impact on credit, possible loss of assets, and the limitations of bankruptcy when deciding whether it’s an appropriate option. Consultation with a financial adviser or bankruptcy attorney may give valuable advice and insight on what kind 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 information from the field with the latest technology to create a comprehensive, all-inclusive bankruptcy management solution that helps lower costs and risk. Our bankruptcy solutions enable servicers to swiftly and accurately inform creditors of bankruptcy filings. They are also able to receive updates as case disposition changes. They also automate the process in order to increase the amount of recoveries and reduce operational burdens. The solution allows servicers also to design, modify and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third party servicers for completion.