Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss in earnings. This can be a stressful situation, and in some instances, even debilitating. There are federal laws that offer bankruptcy solutions to citizens to start fresh.
Bankruptcy has many advantages it can provide, including stopping harassment by creditors and allowing the discharge of debts, among others. It also permits exemptions to safeguard critical assets like vehicles and homes from repossession or foreclosure, and his explanation provides a logical process for rebuilding credit over time.
Nonetheless, it is important to think about the impact on credit, the potential loss of assets and the limitations of bankruptcy when determining whether or not it’s the best option. A financial counsellor or bankruptcy lawyer can provide valuable information and advice on the best approach for a particular financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing information from the field with the latest technology to create a comprehensive, all-inclusive bankruptcy management solution that helps reduce costs and risks. Our bankruptcy solutions allow servicers to quickly and accurately notify creditors of bankruptcy filings. They also receive updates as the case disposition changes, and to automate the process to boost recoveries and reduce operational workloads. The solution also permits servicers to draft, edit and approve court documents, including the U.S. Bankruptcy Court Proof of Claim Upload documents and print or email forms to an outside party for completion.