Many people find themselves in debt they can’t pay, often due to unexpected medical bills or an unexpected loss of income. This can be a stressful situation, and in some cases debilitating. There are, however, federal laws that provide individuals with bankruptcy solutions to give them a chance to start over.
It has numerous advantages it can provide protection against harassment by creditors and allowing debt relief and much more. It also allows exemptions for essential assets like homes and cars from foreclosure or repossession, and provides a method to build credit over time.
It is important to evaluate the potential consequences of bankruptcy on your assets, credit and limitations before making a decision on whether it’s a viable option. Talking with a financial professional or bankruptcy attorney may give valuable advice and insight into which solution is most appropriate based on one’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing the latest industry knowledge with main differences between bancorp and whole bank advanced technologies to provide a complete, end-to-end bankruptcy management solution which helps to reduce costs and risks. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately about bankruptcy filings, receive updates when the disposition of a case changes and also automate the process to maximize recovery and reduce the workload of operations. Servicers can also use the solution to create, edit, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for completion.