Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss of income. It can be a stressful experience, and in some instances, even debilitating. There are federal laws that provide bankruptcy options for individuals to start over.
Bankruptcy has many advantages that include stopping harassment by creditors as well as allowing debt to be discharged and more. It also provides exemptions for important assets like cars and homes from repossession or foreclosure and provides a structured method to rebuild https://brittandcatrett.com/ credit over time.
It is nevertheless important to think about the impact on credit, the potential loss of assets, and the limitations of bankruptcy when deciding whether or not it is a good option. A consultation with a financial advisor or bankruptcy lawyer can provide valuable guidance and insight on what kind of option is best suited to one’s unique financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years now, has combined industry knowledge with the latest technology to develop an end-to-end bankruptcy system that reduces risks and costs. Our bankruptcy solutions give servicers the ability to inform creditors quickly and accurately about bankruptcy filings, receive updates when the disposition of a case changes and to automate the process in order to maximize the amount of recoveries and reduce the workload of operations. The solution allows servicers also to create, edit, and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or forward forms to third party servicers for completion.