Many people are in debt that they can’t repay, usually due to unexpected medical expenses or a loss of earnings. It can be stressful and, in certain cases even debilitating. Fortunately, there are federal laws that provide individuals with bankruptcy solutions that give them a fresh start.
Bankruptcy offers several advantages that include stopping harassment by creditors and allowing the discharge of debts, among other things. It also permits exemptions to protect critical assets like homes and vehicles from foreclosure or repossession, and provides a well-planned path for rebuilding credit over time.
It is important to evaluate the potential impact of bankruptcy on assets, credit, and limitations when choosing whether it’s an appropriate option. A financial consultant or bankruptcy lawyer will provide valuable information and advice on the best option for a particular financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years now, has combined industry knowledge with advanced technology to create an end-to-end bankruptcy system that reduces costs and risks. Our bankruptcy solutions enable servicers to rapidly and accurately inform creditors of bankruptcy filings. They can also receive notifications when the status of the case changes. They also automate the process in order to increase recoveries and reduce operational workloads. The solution also allows servicers to create, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim Upload documents and print or transmit forms to an outside party for completion.