Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss of income. This can be stressful, and in some instances, even debilitating. There are, however, federal laws that provide individuals with bankruptcy options to give them a fresh start.
Bankruptcy has many advantages that include stopping harassment by creditors and allowing debt relief and much more. It also allows for exemptions to protect important assets like homes and vehicles from foreclosure or repossession, and provides a well-planned procedure for rebuilding credit over time.
It is important to evaluate the possible effects of bankruptcy on credit, assets and limitations when deciding whether it’s a good option. A financial advisor or bankruptcy lawyer can give valuable insight and guidance on the best option for a person’s particular 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 bankruptcy management solution that reduces costs and risks. Our bankruptcy solutions allow servicers to speedily and precisely notify creditors of bankruptcy filings. They also receive notifications when the status of the case changes. They can also automate the process to increase more info here the amount of money repaid and reduce operational burdens. The software allows servicers to design, modify, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third parties for completion.