Many people are in debt they can’t pay, usually due to unexpected medical bills or an unexpected loss of income. This can be a stressful situation, and in some instances, even debilitating. Fortunately, there are federal laws that can provide citizens with bankruptcy solutions to help them a fresh start.
The bankruptcy process has many benefits, including stopping creditor harassment, allowing debt discharge, and many more. It also allows exemptions to shield important assets such as vehicles and homes from repossession or foreclosure, and offers a planned way to rebuild credit over time.
However, it’s important to take into consideration the impact on credit, the potential 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 help give valuable advice and insight on what kind of solution is the best one based on the specific financial situation of each person.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years, has paired industry insights with a robust technology to create an end-to-end bankruptcy system that reduces costs and risk. Our bankruptcy solutions give servicers the ability to inform creditors quickly and accurately of bankruptcy filings, receive updates when the disposition of a case https://brittandcatrett.com/2021/07/08/generated-post/ changes and automate the process to maximize the amount of recoveries and reduce the workload of operations. Servicers can also use the solution to create, edit, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third-party service providers for completion.