Many people are in debt they are unable to pay, usually due to unexpected medical expenses or a loss of earnings. This can be a stressful experience and, in some instances difficult to deal with. There are federal laws which provide bankruptcy solutions for citizens to start fresh.
Bankruptcy offers several advantages it can provide, including stopping creditor harassment and enabling the discharge of debts among other things. It also permits exemptions to safeguard critical assets like vehicles and homes from foreclosure or repossession and provides a structured way to rebuild credit over time.
Nonetheless, it is important to take into consideration the impact on credit, the possibility of loss of assets, and the limitations of bankruptcy when deciding whether or not it’s an appropriate option. A financial advisor or bankruptcy lawyer can give valuable insight and guidance on the best approach to a person’s unique financial situation.
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 bankruptcy management solution that helps reduce costs and risk. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately of bankruptcy filings, receive updates when case dispositions change and automate the process in order to maximize recoveries and reduce the workload of operations. 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 forward forms to third parties for completion.
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