Many people find themselves in debt they cannot pay, usually due to unexpected medical bills or the loss of income. This can be stressful and sometimes even debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy solutions to help them a new start.
The bankruptcy process offers many benefits, such as the abolition of harassment by creditors and the discharge of debts among other things. It also allows exemptions to safeguard critical assets like vehicles and homes from foreclosure or repossession, and provides a well-planned path for rebuilding credit over time.
Nonetheless, it is important to take into consideration the impact on credit, the possibility of loss of assets and limitations of bankruptcy when deciding whether or not it’s an appropriate option. Consultation with a financial adviser or bankruptcy attorney can provide valuable guidance and insight into what 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 an extensive, end-to-end bankruptcy management system that helps reduce costs and risks. Our bankruptcy solutions allow servicers to rapidly and accurately notify creditors of bankruptcy filings. They also receive notifications when the status of the case changes, and to automate the process in order to increase recoveries and reduce operational workloads. Servicers can also use the solution to create, edit, and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third parties for completion.