Many people end up in debt that they aren’t able to pay, usually due to unexpected medical expenses or the loss of income. This can be extremely stressful and, in a few cases it can be debilitating. There are federal laws which offer bankruptcy options for people to start fresh.
The bankruptcy process offers many benefits that include stopping the harassment of creditors and allowing the discharge of debts among other things. It also allows exemptions for important assets like homes and cars from repossession or foreclosure and provides a method to https://brittandcatrett.com/2020/03/28/small-business-is-the-best-start rebuild credit over time.
However, it’s crucial to consider the effect on credit, possible loss of assets and limitations of bankruptcy when determining whether or not it’s an appropriate option. Consultation with a financial adviser or bankruptcy attorney can help provide valuable guidance and insights into what type of solution is most appropriate based on your unique 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 provide a complete, all-inclusive bankruptcy management solution which helps to reduce costs and risk. Our bankruptcy solutions enable servicers to swiftly and accurately inform creditors of bankruptcy filings and to receive updates as case disposition changes. They can also automate the process to boost the amount of recoveries and reduce operational burdens. Servicers can also use the solution to design, modify, and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or forward forms to third parties for their completion.