Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss of income. It can be stressful and, in a few cases even debilitating. There are federal laws that offer bankruptcy options for people to make a fresh start.
The bankruptcy process offers many advantages which include stopping harassment from creditors and allowing debt relief and much more. It also offers exemptions for critical assets such as homes and cars from repossession or foreclosure, and provides a method to build credit over time.
It is crucial to consider the potential consequences of bankruptcy on your assets, credit, and limitations when deciding if it’s a good option. A financial counsellor or bankruptcy lawyer can provide valuable information and advice on the most appropriate solution for a particular financial situation.
Stretto the 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 reduces the risk and costs. Our bankruptcy solutions allow servicers to quickly and accurately inform creditors of bankruptcy filings and to receive notifications when the status of the case changes. They can also automate the process to increase the amount of recoveries and reduce operational burdens. The solution allows servicers also 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 their completion.