Many people find themselves in debt that they aren’t able to pay, often due to unexpected medical bills or a loss of income. It can be a stressful experience, and in some cases, debilitating. Thankfully, there are federal laws that provide citizens with bankruptcy solutions to help them a chance to start over.
It has numerous advantages, including stopping creditor harassment and allowing debt discharge and much more. It also offers exemptions for critical assets such as automobiles and homes from foreclosure or repossession and provides a method to build credit over time.
However, it’s crucial to consider the impact on credit, the potential loss of assets and limitations of bankruptcy when deciding whether it’s an appropriate option. Consultation with a financial adviser or bankruptcy attorney may give valuable advice and insight into which type of option is best suited to the individual’s financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years, has combined industry knowledge with robust technology to create an end-to-end bankruptcy system that reduces the risk and costs. Our bankruptcy solutions enable servicers to speedily and precisely inform creditors of bankruptcy filings. They are also able to receive updates as the case disposition changes, and they can automate the process in order to increase recoveries and minimize operational workloads. Servicers can also use the solution to prepare, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim and upload documents and print or send forms to an outside party for completion.