Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss of earnings. This can be stressful, and in some cases, debilitating. There are federal laws that provide bankruptcy options for individuals to get a fresh start.
The bankruptcy process has many benefits it can provide protection against harassment by creditors and allowing debt discharge and many more. It also permits exemptions to protect critical assets like homes and vehicles from foreclosure or repossession and offers a planned way to rebuild credit over time.
It is crucial to consider the potential impact of bankruptcy on assets, credit and limitations when choosing whether it’s an appropriate option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the most appropriate solution for a person’s specific financial situation.
Stretto the leader in the Chapter 7 landscape for more than 30 years now, has partnered industry insights with a robust technology to create an end-to-end bankruptcy solution that reduces risks and costs. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately of bankruptcy filings, receive notifications when the disposition of a case changes, and automate the process in order to maximize recoveries and decrease operational burdens. Servicers can also use the solution to create, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or email forms to an outside party for completion.