Many people find themselves in debt that they aren't able to pay, usually due to unexpected medical expenses or an income loss. This can be extremely stressful and, in a few cases, debilitating. There are federal laws which offer bankruptcy options for people to start fresh.
The bankruptcy process has numerous advantages it can provide, including stopping the harassment of creditors and allowing the discharge of debts among other things. It also provides exemptions for essential assets like automobiles and homes from repossession or foreclosure, and provides a structured method to build credit over time.
Nonetheless, it is important to consider the impact on credit, the potential loss of assets, and the limitations of bankruptcy when deciding whether it is a good option. A financial advisor or bankruptcy lawyer can provide valuable insight and guidance on the best approach for a person's specific financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to create a comprehensive end-to-end bankruptcy management solution which helps to reduce costs and risk. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately about bankruptcy filings, receive notifications when case dispositions change and also automate the process to maximize the amount of recoveries and reduce operational workloads. The solution allows servicers also to design, modify, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for completion.