Many people find themselves in debt they cannot pay, often due to unexpected medical bills or an income loss. This can be extremely stressful and, in a few cases even debilitating. There are, however, federal laws that provide individuals with bankruptcy solutions that give them a fresh start.
It has numerous advantages, including stopping creditor harassment, allowing debt discharge, and much more. It also allows exemptions to safeguard critical assets such as homes and vehicles from repossession or foreclosure, and provides a structured procedure for rebuilding credit over time.
It is nevertheless important to consider the effect on credit, the possibility of loss of assets and the limitations of bankruptcy when determining whether or not it’s a viable option. A financial advisor or bankruptcy lawyer can provide valuable information and advice on the best option to a person’s unique financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years, has partnered industry insights with robust technology to create 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, and receive updates when case dispositions change, and automate the process in order to maximize the amount of recoveries and reduce operational workloads. The solution also permits servicers to create, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim and upload documents and print or email forms to an outside party for completion.
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