Many people are in debt that they can’t repay, usually due to unexpected medical expenses or a loss in earnings. This can be extremely stressful and, in some instances even debilitating. There are federal laws that provide bankruptcy options for individuals to start fresh.
The bankruptcy process has many benefits that include stopping harassment by creditors and allowing debt discharge and much more. It also permits exemptions to shield important assets such as vehicles and homes from foreclosure or repossession and provides a well-planned procedure for rebuilding credit over time.
However, it’s crucial to consider the impact on credit, possible loss of assets, and the limitations of bankruptcy when determining whether it is a good option. Talking with a financial professional or bankruptcy attorney may give valuable advice and insight into which solution is best based on the individual’s financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to create a comprehensive, end-to-end bankruptcy management solution that reduces costs and risks. 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 also automate the process in order to maximize recoveries and reduce operational burdens. The solution also allows servicers to create, modify and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print https://brittandcatrett.com/ or email forms to third parties for completion.