Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss of earnings. This can be stressful and, in a few cases, debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy options to give them a fresh start.
Bankruptcy has many advantages, such as the abolition of harassment by creditors and the discharge of debts, among other things. It also provides exemptions for important assets like automobiles and homes from foreclosure or repossession and provides a method to rebuild credit over time.
It is nevertheless important to consider the effect on credit, the possibility of loss of assets and limitations of bankruptcy when determining whether or not it’s the best option. A financial counsellor or bankruptcy lawyer can provide valuable information and advice on the best option for a person’s particular 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 to create a comprehensive, end-to-end bankruptcy management solution that reduces costs and risk. Our bankruptcy solutions give servicers the ability to notify creditors quickly and accurately about bankruptcy filings, get updates when the disposition of a case changes and also automate the process in order to https://brittandcatrett.com maximize recoveries and reduce the workload of operations. The solution also permits servicers to draft, edit and approve court documents, including the U.S. Bankruptcy Court Proof of Claim, upload documents and send the forms to an outside party for completion.