Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss in earnings. It can be a stressful experience, and in some cases debilitating. There are federal laws which offer bankruptcy options for people to get a fresh start.
The bankruptcy process has many benefits that include stopping harassment by creditors, allowing debt discharge, and more. It also permits exemptions to safeguard critical assets such as homes and https://brittandcatrett.com/2022/01/04/risk-management-and-small-business vehicles from foreclosure or repossession, and offers a planned path for rebuilding credit over time.
However, it’s crucial to think about the impact on credit, the potential loss of assets and limitations of bankruptcy when deciding whether or not it’s an appropriate option. A consultation with a financial advisor or bankruptcy lawyer can provide valuable guidance and insights into which solution is the best one 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 create a comprehensive all-inclusive bankruptcy management solution that reduces costs and risk. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately about bankruptcy filings, get updates whenever dispositions in the case change and also automate the process to maximize recoveries and reduce operational burdens. The solution also permits servicers to create, modify and approve court forms including the U.S. Bankruptcy Court Proof of Claim Upload documents and print or send forms to third parties for their completion.