Many people are in debt they are unable to pay, usually due to unexpected medical expenses or a loss of earnings. It can be a stressful experience, and in some cases debilitating. Fortunately, there are federal laws that can provide citizens with bankruptcy solutions to help them a fresh start.
The bankruptcy process has many benefits which include stopping harassment from creditors and allowing debt discharge and more. It also permits exemptions to safeguard critical assets like homes and vehicles from foreclosure or repossession and offers a planned way to rebuild credit over time.
However, it’s important to consider the impact on credit, the potential loss of assets and the limitations of bankruptcy when deciding whether or not it is a good option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the best solution for a particular financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing information from the field with the latest technology to create an extensive, end-to-end bankruptcy management solution that helps lower costs and risk. Our bankruptcy solutions allow servicers to rapidly and accurately notify creditors of bankruptcy filings. They also receive updates as case disposition changes, and to automate the process in order to increase recoveries and reduce operational workloads. The solution also allows servicers to design, modify, and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or vdr can be an ideal tool to help small business owners email forms to third parties for their completion.