Many people are in debt they can’t repay, usually due to unexpected medical expenses or a loss in earnings. It can be a stressful experience, and in some cases, debilitating. There are federal laws which provide bankruptcy solutions for citizens to start over.
The bankruptcy process offers many benefits in the form of stopping harassment by creditors and allowing the discharge of debts, among other things. It official site also allows exemptions for critical assets such as cars and homes from foreclosure or repossession, and provides a structured method to rebuild credit over time.
It is nevertheless important to consider the effect on credit, possible loss of assets, and the limitations of bankruptcy when determining whether or not it’s the best option. A financial advisor or bankruptcy lawyer can provide valuable insight and guidance on the best solution to a person’s unique financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years, has paired industry insights with robust technology to create an end-to-end bankruptcy system that reduces the risk and costs. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately about bankruptcy filings, receive notifications whenever dispositions in the case change and to automate the process to maximize recoveries and reduce the workload of operations. The solution allows servicers also to prepare, modify and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third parties for completion.