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 extremely stressful and, in certain cases difficult to deal with. Fortunately, there are federal laws that provide citizens with bankruptcy options to give them a new start.
It has numerous advantages that include stopping harassment by creditors and allowing debt relief and much more. It also provides exemptions for critical assets such as automobiles and homes from repossession or foreclosure, and offers a structured way to rebuild credit over time.
It is important to weigh the possible consequences of bankruptcy on your credit, assets, and limitations when choosing whether it’s an appropriate option. Talking with a financial professional or bankruptcy lawyer can give valuable advice and insight on what kind of option is best suited to the individual’s 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 solution for managing bankruptcy which helps to reduce costs and risks. Our bankruptcy solutions enable servicers to speedily and precisely notify creditors of bankruptcy filings. They are also able to receive updates when the disposition of a case changes, and they can automate the process to improve the amount of recoveries and reduce operational burdens. Servicers can also use the solution to prepare, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third parties for their completion.