Many people are in debt they cannot pay, often due to unexpected medical bills or an unexpected loss of income. It can be stressful and, in some cases, debilitating. There are federal laws that offer bankruptcy solutions to citizens to start fresh.
Bankruptcy has many advantages it can provide protection against harassment by creditors and allowing debt relief and many more. It also permits exemptions to protect critical assets like homes and vehicles from repossession or foreclosure, and offers a planned way to rebuild credit over time.
However, it’s crucial to take into consideration the impact on credit, the possibility of loss of assets and the limitations of bankruptcy when determining whether or not it’s a viable option. Consulting with a financial advisor or bankruptcy attorney can give valuable advice and insight into which type of solution is best based on one’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing the latest industry knowledge with advanced technologies to create a comprehensive all-inclusive bankruptcy management solution which helps to reduce costs and risks. Our bankruptcy solutions offer service providers the ability to notify creditors quickly and accurately of bankruptcy filings, receive updates when dispositions of cases change, and automate the process in order to maximize recoveries and decrease the workload of operations. The software allows servicers to prepare, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for completion.
