Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss in earnings. It can be stressful and, in some instances difficult to deal with. There are federal laws which offer bankruptcy options for people to make a fresh start.
It has numerous advantages that include stopping harassment by creditors as well as allowing debt to be discharged and more. It also grants exemptions to important assets like automobiles and homes from repossession or foreclosure and offers a method to build credit over time.
It is important to evaluate the potential impact of bankruptcy on assets, credit and limits when making a decision on whether it’s a viable option. A financial counsellor or bankruptcy lawyer can offer valuable advice and insight on the best option for a person’s specific financial situation.
Stretto the leader in the Chapter 7 landscape for more than 30 years and has teamed industry insights with the latest technology to develop an end-to-end bankruptcy system that reduces the risk and costs. Our bankruptcy solutions give servicers the ability to inform creditors quickly and accurately of bankruptcy filings, receive notifications whenever dispositions in the case change and automate the process in order to maximize recovery and reduce operational burdens. The software also allows servicers to create, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim and upload documents and print or transmit forms to a third party for completion.