Many people are in debt they cannot pay, usually due to unexpected medical expenses or a loss of income. It can be a stressful experience, and in some cases, debilitating. There are federal laws which offer bankruptcy options for people to make a fresh start.
The bankruptcy process offers many advantages which include stopping harassment from creditors, allowing debt discharge, and many more. It also provides exemptions for essential assets like cars and homes from repossession or foreclosure, and offers a structured way to build credit over time.
It is crucial to consider the possible effects of bankruptcy on credit, assets, and limitations when making a decision on whether it’s a viable option. A financial counsellor or bankruptcy lawyer can offer valuable advice and insight on the best approach to a person’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing the latest industry knowledge with advanced technologies to create a comprehensive, end-to-end bankruptcy management system that helps lower costs and risk. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately about bankruptcy filings, and receive updates when dispositions of cases change, and automate the process in order to maximize the amount of recoveries and reduce the workload of operations. The software also allows servicers to draft, edit and approve court forms including the U.S. Bankruptcy Court Proof of Claim Upload documents and send the forms to third parties for the completion.