Many people are in debt that they can’t pay, usually due to unexpected medical bills or an income loss. This can be a stressful situation, and in some instances, even debilitating. There are federal laws which offer bankruptcy solutions to citizens to make a fresh start.
It has numerous advantages which include stopping harassment from creditors and allowing debt discharge and more. It also grants exemptions to important assets like cars and homes from repossession or foreclosure and provides a structured method to rebuild credit over time.
It is crucial to consider the potential impact of bankruptcy on credit, assets, and limitations when deciding if it’s a good option. A consultation with a financial advisor or bankruptcy lawyer can give valuable advice and insight into what type of solution is the best one based on your unique financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years, has paired industry insights with advanced technology to create an end-to-end bankruptcy solution that reduces risks and costs. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately about bankruptcy filings, get updates when case dispositions change and to automate the process to maximize recoveries and decrease the workload of operations. The software also allows servicers to prepare, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or transmit forms to third parties for the completion.
