Many people are in debt they can’t repay, usually due to unexpected medical expenses or a loss of income. This can be stressful and, in some instances, debilitating. Fortunately, there are federal laws that provide people with bankruptcy solutions to give them a chance to start over.
Bankruptcy has many advantages, including stopping creditor visit harassment and allowing debt discharge and many more. It also allows for exemptions to protect critical assets such as vehicles and homes from repossession or foreclosure, and provides a well-planned process for rebuilding credit over time.
It is nevertheless important to think about the impact on credit, the possibility of loss of assets and limitations of bankruptcy when determining whether it’s the best option. A consultation with a financial advisor or bankruptcy attorney can help give valuable advice 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 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 offer service providers the ability to inform creditors quickly and accurately about bankruptcy filings, receive notifications when the disposition of a case changes and also automate the process in order to maximize the amount of recoveries and reduce the workload of operations. The solution also allows servicers to create, edit and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third-party service providers for completion.