Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss in earnings. This can be a stressful situation, and sometimes even debilitating. There are federal laws that provide bankruptcy solutions for citizens to start fresh.

The bankruptcy process has many benefits which include stopping harassment from creditors and allowing debt relief and many more. It also allows for exemptions to protect important assets like vehicles and homes from repossession or foreclosure, and https://brittandcatrett.com/2020/03/28/small-business-is-the-best-start provides a logical way to rebuild credit over time.

It is nevertheless important to think about the impact on credit, potential loss of assets and limitations of bankruptcy when determining whether or not it’s an appropriate option. A financial counsellor or bankruptcy lawyer can provide valuable insight and guidance on the best solution for a person’s specific financial situation.

Stretto has been a leader in the Chapter 7 landscape for more than 30 years now, has combined industry knowledge with the latest technology to develop an end-to-end bankruptcy solution that reduces costs and risk. Our bankruptcy solutions give servicers the ability to notify creditors quickly and accurately about bankruptcy filings, receive updates when case dispositions change and automate the process in order to maximize recoveries and reduce operational workloads. Servicers can also use the solution to prepare, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or send forms to an outside party for completion.