Many people are in debt they cannot pay, usually due to unexpected medical expenses or a loss of income. This can be stressful and, in some instances, debilitating. There are federal laws which provide bankruptcy options for individuals to get a fresh start.
The bankruptcy process offers many advantages, including stopping creditor harassment and allowing debt relief and more. It also grants exemptions to important assets like homes and cars from repossession or foreclosure and offers a method to rebuild credit over time.
It is important to weigh the possible impact of bankruptcy on assets, credit and limitations before making a decision on whether it’s a viable option. Talking with a financial professional or bankruptcy lawyer can provide valuable guidance and insight on what kind of solution is best based on one’s unique financial situation.
Stretto is a pioneer in the Chapter 7 landscape for more than 30 years and has teamed industry insights with robust technology to create an end-to-end bankruptcy solution that reduces risks and costs. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately of bankruptcy filings, get updates when dispositions of cases change and to automate the process to maximize recoveries and reduce operational burdens. Servicers can also use the solution to prepare, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or send forms to third parties for the completion.
