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 sometimes even debilitating. Thankfully, there are federal laws that can provide citizens with bankruptcy solutions to give them a new start.
Bankruptcy offers several advantages it can provide, including stopping harassment by creditors and allowing the discharge of debts among other things. It also permits exemptions to protect important assets like vehicles and homes from repossession or foreclosure, and offers a planned path for rebuilding credit over time.
Nonetheless, it is important to consider the impact on credit, the possibility of loss of assets, and the limitations of bankruptcy when deciding whether or not it’s the best option. A consultation with a financial advisor or bankruptcy attorney may provide valuable guidance and insights on what kind of solution is most appropriate based on one’s unique 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 solution for managing bankruptcy that reduces costs and risks. Our bankruptcy solutions give servicers the ability to notify creditors quickly and accurately about bankruptcy filings, get updates whenever dispositions in the case change and also automate the process to maximize the amount of recoveries and reduce the workload of operations. Servicers can also use the solution to design, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third party servicers for completion.