Many people find themselves in debt that they can’t pay, usually due to unexpected medical expenses or an income loss. This can be stressful, and in some cases debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy solutions to give them a new start.
Bankruptcy has many advantages in the form of stopping creditor harassment and enabling the discharge of debts, among other things. It also allows for exemptions to shield important assets like homes and vehicles from repossession or foreclosure, and offers a planned way to rebuild credit over time.
Nonetheless, it is important to consider the effect on credit, potential loss of assets and limitations of bankruptcy when determining whether it’s a viable option. Talking with a financial professional or bankruptcy lawyer can give valuable advice 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 that helps reduce costs and risks. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately about bankruptcy filings, get updates when the disposition of a case changes and to automate the process in order to maximize recovery and reduce operational burdens. The solution also allows servicers to design, modify, and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third party servicers for completion.