Many people are in debt they can’t pay, often due to unexpected medical bills or an unexpected loss of income. This can be a stressful situation, and in some instances, even debilitating. There are federal laws that offer bankruptcy solutions to citizens to start fresh.
The bankruptcy process has many benefits which include stopping harassment from creditors as well as allowing debt to be discharged and more. It also allows exemptions for important assets like cars and homes from repossession or foreclosure, and offers a method to build credit over time.
It is crucial to consider the possible impact of bankruptcy on assets, credit and limitations before choosing whether it’s an appropriate option. Talking with a financial professional or bankruptcy attorney can help provide valuable guidance and insight into which solution is the best one based on your unique financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years, has partnered industry insights with advanced technology to create an end-to -end bankruptcy solution that lowers the risk and costs. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately about bankruptcy filings, get updates when case dispositions change and also automate the process to maximize recoveries and decrease operational burdens. Servicers can also use the solution to create, modify, and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or forward forms to third parties for their completion.