Many people are in debt they are unable to pay, usually due to unexpected medical expenses or a loss of income. This can be stressful and, in some cases even debilitating. There are, however, federal laws that can provide citizens with bankruptcy options to give them a fresh start.
The bankruptcy process offers many advantages it can provide protection against harassment by creditors and allowing debt relief and many more. It also allows exemptions to protect critical assets such as homes and vehicles from foreclosure or repossession and provides a logical process for rebuilding credit over time.
It is important to evaluate the potential effects of bankruptcy on assets, credit, and limitations when deciding if it’s a good option. A financial consultant or bankruptcy lawyer will give valuable insight and guidance on the best option for a particular 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 a comprehensive end-to-end solution for managing bankruptcy which helps to reduce costs and risks. Our bankruptcy solutions allow servicers to quickly and accurately notify creditors of bankruptcy filings. They also receive updates when the disposition of a case changes. They also automate the process in order to increase recoveries and minimize operational workloads. 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 send forms to third-party service providers for completion.