Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss of income. This can be extremely stressful and, in some cases, debilitating. Fortunately, there are federal laws that provide people with bankruptcy options to give them a fresh start.
Bankruptcy offers several advantages in the form of stopping creditor harassment and enabling the discharge of debts, among other things. It also grants exemptions to crucial assets such as automobiles and homes from repossession or foreclosure, and offers a method to rebuild credit over time.
It is important to weigh the possible effects of bankruptcy on assets, credit and limits when deciding if it’s a good option. A consultation with a financial advisor or bankruptcy attorney can provide valuable guidance and insight into which option is best suited to one’s unique financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years and has teamed industry insights published here with the latest technology to develop an end-to-end bankruptcy system that reduces the risk and costs. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately about bankruptcy filings, receive notifications when case dispositions change and to automate the process in order to maximize recoveries and reduce operational workloads. The solution also allows servicers to create, modify and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third parties for completion.