Many people are in debt they cannot pay, usually due to unexpected medical expenses or an income loss. This can be stressful and in some cases, debilitating. There are federal laws which provide bankruptcy options for individuals to make a fresh start.
The bankruptcy process offers many benefits that include stopping the harassment of creditors and allowing the discharge of debts, among others. It also provides exemptions for essential assets like automobiles and homes from foreclosure or repossession and offers a structured way to rebuild credit over time.
It is important to weigh the potential effects of bankruptcy on assets, credit and limits when deciding whether it’s a good option. A financial expert or bankruptcy lawyer can give valuable insight and guidance on the best solution to a person’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing information from the field with the latest technology to create a comprehensive, end-to-end bankruptcy management solution that reduces costs and risks. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately about bankruptcy filings, receive updates whenever dispositions in the case risk management and small business change and to automate the process in order to maximize recoveries and decrease the workload of operations. Servicers can also use the solution to create, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim, upload documents and print or transmit forms to third parties for the completion.