Many people find themselves in debt that they can’t pay, usually due to unexpected medical expenses or an unexpected loss of income. This can be a stressful situation, and in some instances, even debilitating. There are federal laws which offer bankruptcy options for people to make a fresh start.
Bankruptcy has many advantages in the form of stopping the harassment of creditors and allowing the discharge of debts among other things. It also offers exemptions for essential assets like homes and cars from foreclosure or repossession, and offers a structured way to rebuild credit over time.
It is nevertheless important to consider the impact on credit, the possibility of loss of assets and the limitations of bankruptcy when deciding whether it is a good option. Consulting with a financial advisor or bankruptcy attorney may give valuable advice and insight into which solution is best based on the specific financial situation of each person.
Stretto, a leader in the Chapter 7 landscape for more than 30 years now, has paired industry insights with advanced technology to create an end-to-end bankruptcy solution that reduces costs and risks. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately about bankruptcy filings, and receive updates when case dispositions change and automate the visit process in order to maximize recoveries and decrease the workload of operations. The solution also allows servicers to draft, edit and approve court documents, including the U.S. Bankruptcy Court Proof of Claim Upload documents and print or email forms to a third party for completion.