Many people are in debt they can’t repay, usually due to unexpected medical expenses or a loss in earnings. This can be stressful and in https://brittandcatrett.com/2022/01/04/consumer-and-small-business-solutions/ some cases, debilitating. There are, however, federal laws that provide people with bankruptcy solutions to help them a chance to start over.
The bankruptcy process offers many benefits, such as stopping the harassment of creditors and allowing the discharge of debts among others. It also offers exemptions for essential assets like homes and cars from repossession or foreclosure, and provides a structured method to rebuild credit over time.
It is nevertheless important to consider the effect on credit, possible loss of assets and the limitations of bankruptcy when deciding whether or not it is a good option. A financial consultant or bankruptcy lawyer will give valuable insight and guidance on the best approach for a particular financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years now, has combined industry knowledge with a robust technology to create an end-to-end bankruptcy solution that minimizes the risk and costs. Our bankruptcy solutions give servicers the ability to notify creditors quickly and accurately about bankruptcy filings, receive updates when case dispositions change and also automate the process in order to maximize the amount of recoveries and reduce operational workloads. The solution also permits servicers to create, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim Upload documents and send the forms to an outside party for completion.