Many people are in debt they can’t pay, often due to unexpected medical bills or an income loss. This can be a stressful experience and, in a few cases, debilitating. There are federal laws that offer bankruptcy options for people to get a fresh start.
The bankruptcy process offers many advantages which include stopping harassment from creditors as well as allowing debt to be discharged and more. It also allows exemptions to protect critical assets such as homes and vehicles from foreclosure or repossession and offers a planned procedure for rebuilding credit over time.
However, it’s important to consider the effect on credit, possible loss of assets, and the limitations of bankruptcy when deciding whether it’s a viable option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the best option for a person’s particular financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years now, has paired industry insights with robust technology to create an end-to-end bankruptcy solution that reduces risks and costs. Our bankruptcy solutions allow servicers to swiftly and accurately inform creditors of bankruptcy filings. They are also able to receive updates as the case disposition changes, and to automate the process to boost the amount of recoveries and reduce operational burdens. The solution also allows servicers to prepare, modify, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third party servicers for completion.