Many people are in debt that they aren’t able to pay back, typically due to unexpected medical expenses or a loss of earnings. It can be a stressful experience, and in some cases, debilitating. There are federal laws which provide bankruptcy solutions for citizens to start over.

Bankruptcy has many advantages, including stopping creditor harassment and allowing debt discharge and many more. It also allows exemptions for crucial assets such as cars and homes from foreclosure or repossession and provides https://brittandcatrett.com/2020/03/28/small-business-is-the-best-start a method to rebuild credit over time.

Nonetheless, it is important to consider the impact on credit, the possibility of loss of assets and the limitations of bankruptcy when deciding whether or not it’s the best option. Consulting with a financial advisor or bankruptcy attorney may give valuable advice and insight into which option is best suited to your unique financial situation.

Stretto has been a leader in the Chapter 7 landscape for more than 30 years now, has paired industry insights with the latest technology to develop an end-to-end bankruptcy system that reduces costs and risk. Our bankruptcy solutions allow servicers to quickly and accurately notify creditors of bankruptcy filings. They are also able to receive notifications when the status of the case changes, and they can automate the process to improve the amount of money repaid and reduce operational burdens. Servicers can also use the solution to create, modify, and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third party servicers for completion.