Many people are in debt that they can’t pay, usually due to unexpected medical bills or the loss of income. 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 which include stopping harassment from creditors as well as allowing debt to be discharged and much more. It also allows for exemptions to protect important assets like vehicles and homes from foreclosure or repossession and provides a well-planned process for rebuilding credit over time.
It is essential to weigh the potential consequences of bankruptcy on your assets, credit and limits when choosing whether it’s an appropriate option. A consultation with a financial advisor or bankruptcy attorney can provide valuable guidance and insights into which type of solution is the best one based on one’s unique financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing industry insights with robust technologies to create a comprehensive, end-to-end bankruptcy management system that reduces costs and risks. Our bankruptcy solutions allow servicers to rapidly and accurately notify creditors of bankruptcy filings. They are also able to receive updates as the case disposition changes. They can also automate the process in order to increase the amount of money repaid and reduce operational burdens. The software also allows servicers to prepare, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim Upload documents and send the forms to a third party for completion.
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