Many people end up in debt they cannot pay, usually due to unexpected medical bills or the loss of income. It can be a stressful experience, and in some cases, debilitating. There are federal laws which provide bankruptcy solutions for citizens to start over.
Bankruptcy has many advantages it can provide protection against harassment by creditors and allowing debt discharge and many more. It also provides exemptions for critical assets such as homes and cars from foreclosure or repossession and offers a method to rebuild credit over time.
It is nevertheless important to consider the impact on credit, potential loss of assets, and the limitations of bankruptcy when deciding whether or not it is a good option. A financial consultant or bankruptcy lawyer will provide valuable information and advice on the best approach to a person’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing information from the field with the latest technology to create a comprehensive all-inclusive bankruptcy management solution that helps reduce costs and risk. Our bankruptcy solutions enable servicers to speedily and precisely inform creditors of bankruptcy filings. They can also receive updates as case disposition changes, and to automate the process in order to increase the amount of recoveries and reduce operational burdens. The software also allows official site servicers to prepare, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or transmit forms to a third party for completion.