Many people are in debt that they can’t repay, usually due to unexpected medical expenses or a loss in earnings. It can be a stressful experience, and in some instances, even debilitating. There are federal laws that provide bankruptcy solutions for citizens to start over.
The bankruptcy process has many benefits it can provide protection against harassment by creditors and allowing debt discharge and many more. It also allows exemptions to protect important assets such as vehicles and homes from foreclosure or repossession and provides a logical way to rebuild credit over time.
Nonetheless, it is important to take into consideration the impact on credit, the possibility of loss of assets and limitations of bankruptcy when determining whether or not it’s an appropriate option. Talking with a financial professional or bankruptcy attorney can help provide valuable guidance and insight into what type of solution is the best one based on the specific financial situation of each person.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing industry insights with robust technologies to create a comprehensive end-to-end solution for managing bankruptcy which helps to reduce costs and risks. Our bankruptcy solutions allow servicers to speedily and precisely inform creditors of bankruptcy filings. They are also able to receive updates as the case disposition changes, and they can automate the process to boost recoveries and reduce operational workloads. Servicers can also use the solution to prepare, modify, and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third-party service providers for completion.
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