Many people are in debt they can’t repay, usually due to unexpected medical expenses or a loss of income. This can be extremely stressful and, in some instances difficult to deal with. Thankfully, there are federal laws that can provide citizens with bankruptcy solutions to give them a fresh start.
It has numerous advantages that include stopping harassment by creditors, allowing debt discharge, and many more. It also provides exemptions for critical assets such as homes and cars from repossession or foreclosure and offers a structured way to build credit over time.
It is essential to weigh the possible consequences of bankruptcy on your assets, credit, and limitations when making a decision on whether it’s a viable option. Talking with a financial professional or bankruptcy attorney can help provide valuable guidance and insight on what kind of option is best suited to the individual’s financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years, has partnered industry insights with robust technology to create an end-to-end bankruptcy system 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 when the disposition of a case changes, and they can automate the process to improve the amount of money repaid and reduce operational burdens. The solution also allows servicers to prepare, modify and approve court forms such as published here the U.S. Bankruptcy Court Proof of Claim and upload documents and print or email forms to third parties for their completion.