Many people are in debt that they are unable to pay, usually 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 individuals with bankruptcy solutions that give them a new start.
It has numerous advantages, including stopping creditor harassment and allowing debt discharge and more. It also allows for exemptions to shield important assets such as homes and vehicles from foreclosure or repossession and provides a well-planned process for rebuilding credit over time.
However, it’s important to think about the impact on credit, the possibility of loss of assets, and the limitations of bankruptcy when determining whether or not it’s an appropriate option. A financial counsellor or bankruptcy lawyer can offer valuable advice and insight on the best approach for a person’s particular financial situation.
Stretto, a leader in the Chapter 7 landscape for more than 30 years and has teamed industry insights with the latest technology to develop an end-to-end bankruptcy solution that minimizes costs and risks. Our bankruptcy solutions allow servicers to quickly and accurately inform creditors of bankruptcy filings. They can also receive updates when the disposition of a case changes. They can also automate the process in order to increase recoveries and reduce operational workloads. The solution also permits servicers to create, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim and upload documents and print or transmit forms to third parties for the completion.
