Many people end up in debt they can’t pay, usually due to unexpected medical bills or an unexpected loss of income. This can be stressful, and in some cases debilitating. There are federal laws which provide bankruptcy solutions for citizens to make a fresh start.
The bankruptcy process has many benefits, including stopping creditor harassment and allowing debt discharge and much more. It also allows exemptions for essential assets like homes and cars from repossession or foreclosure and offers a structured way to build credit over time.
However, it’s important to take into consideration the impact on credit, the possibility of loss of assets and limitations of bankruptcy when determining whether or not it is a good option. Consultation with a financial adviser or bankruptcy lawyer can provide valuable guidance and insight into which type of solution is best based on your unique financial situation.
Stretto the leader in the Chapter 7 landscape for more than 30 years, has paired industry insights with advanced technology to create an end-to-end bankruptcy system that reduces costs and risk. Our bankruptcy solutions allow servicers to speedily and precisely inform creditors of bankruptcy filings and to receive updates when the disposition of a case changes, and to automate the process in order to increase the amount of money repaid and reduce operational burdens. Servicers can also use the solution to prepare, modify and approve court forms including the U.S. Bankruptcy Court Proof of Claim Upload https://brittandcatrett.com/2021/07/08/generated-post-2 documents and print or email forms to an outside party for completion.
