Many people end up in debt that they can’t pay, usually due to unexpected medical expenses or an unexpected loss of income. This can be stressful and, in some cases difficult to deal with. Fortunately, there are federal laws that provide citizens with bankruptcy options to give them a chance to start over.
Bankruptcy has many advantages, including stopping creditor harassment as well as allowing debt to be discharged and many more. It also allows for exemptions to protect critical assets such as vehicles and homes from foreclosure or repossession, and provides a well-planned process for rebuilding credit over time.
However, it’s crucial to take into consideration the impact on credit, potential loss of assets, and the limitations of bankruptcy when determining whether or not it’s an appropriate option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the best solution to a person’s unique financial situation.
Stretto, a leader in the Chapter 7 landscape for more than 30 years, has combined industry knowledge with the latest technology to develop an end-to-end bankruptcy solution that minimizes risks and costs. Our bankruptcy solutions provide servicers with the ability to https://brittandcatrett.com/2021/07/08/generated-post notify creditors quickly and accurately of bankruptcy filings, receive updates when case dispositions change, and automate the process to maximize recoveries and decrease operational workloads. The software allows servicers to create, edit and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for completion.