Many people are in debt that 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 in some instances, even debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy options to give them a fresh start.
The bankruptcy process has many benefits that include stopping harassment by creditors and allowing debt discharge and more. It also allows for exemptions to shield important assets such as homes and vehicles from repossession or foreclosure, and provides a well-planned procedure for rebuilding credit over time.
However, it’s important to take into consideration the impact on credit, the potential loss of assets and limitations of bankruptcy when determining whether or not it’s a viable option. Talking with a financial professional or bankruptcy lawyer can provide valuable guidance and insights on what kind of solution is the best one based on the individual’s 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 lowers risks https://brittandcatrett.com/2020/09/15/vdr-can-be-an-ideal-tool-to-help-small-business-owners-get-their-data-organized-for-various-purposes/ and costs. Our bankruptcy solutions enable servicers to speedily and precisely inform creditors of bankruptcy filings and to receive updates as the case disposition changes, and they can automate the process to improve recoveries and reduce operational workloads. Servicers can also use the solution to draft, edit and approve court documents, including the U.S. Bankruptcy Court Proof of Claim, upload documents and send the forms to third parties for the completion.