Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss of income. This can be stressful and in some cases debilitating. Fortunately, there are federal laws that provide people with bankruptcy solutions that give them a fresh start.
The bankruptcy process offers many benefits that include stopping harassment by creditors and allowing the discharge of debts, among others. It also provides exemptions for critical assets such as automobiles and homes from foreclosure or repossession and offers a structured way to rebuild credit over time.
It is essential to weigh the potential impact of bankruptcy on assets, credit and limitations before deciding whether it’s a good option. A consultation with a financial advisor or bankruptcy attorney may give valuable advice and insight into which solution is the best one based on the specific financial situation of each person.
Stretto the leader in the Chapter 7 landscape for more than 30 years now, has partnered industry insights with a robust technology to create an end-to-end bankruptcy system that reduces costs and risk. Our bankruptcy solutions allow servicers to swiftly and accurately notify creditors https://brittandcatrett.com of bankruptcy filings. They are also able to receive updates when the disposition of a case changes, and they can automate the process to improve the amount of recoveries and reduce operational burdens. Servicers can also use the solution to create, modify, and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third parties for completion.