Many people are in debt that they can’t pay, often due to unexpected medical expenses or a loss of income. This can be a stressful experience and, in some instances it can be debilitating. There are federal laws which offer bankruptcy options for people to start over.
The bankruptcy process offers many benefits it can provide, including stopping creditor harassment and enabling the discharge of debts, among others. It also allows exemptions for critical assets such as automobiles and homes from repossession or foreclosure and provides a structured method to rebuild credit over time.
It is nevertheless important to think about the impact on credit, potential loss of assets, and the limitations of bankruptcy when determining whether or not it is a good option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the most appropriate solution to a person’s unique financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years, has combined industry knowledge with a robust technology to create an end-to-end bankruptcy system that reduces costs and risk. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately about bankruptcy filings, receive updates when case dispositions change, and automate the process to maximize recoveries and reduce the workload of operations. The solution allows servicers also to create, modify, and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third parties for completion.
