Many people end up in debt they can’t pay, often due to unexpected medical expenses or an unexpected loss of income. This can be stressful, and in some cases, debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy options to give them a chance to start over.
Bankruptcy has many advantages that include stopping harassment by creditors and allowing debt relief and much more. It also allows for exemptions to protect critical assets like homes and vehicles from repossession or foreclosure, and provides a logical path for rebuilding credit over time.
It is important to evaluate the possible impact of bankruptcy on credit, assets, and limitations when deciding if it’s a good option. Consulting with a financial advisor or bankruptcy lawyer can provide valuable guidance and insight into which solution is best based on your unique 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, end-to-end solution for managing bankruptcy that helps lower costs and risk. Our bankruptcy solutions enable servicers to speedily and precisely notify creditors of bankruptcy filings. They are also able to receive updates as 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 documents, including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or send forms to an outside party for completion.