Many people are in debt that they can’t repay, usually 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, however, federal laws that provide people with bankruptcy options to give them a new start.
The bankruptcy process offers many benefits it can provide, including stopping creditor harassment and enabling the discharge of debts among other things. It also allows exemptions to shield important assets like homes and vehicles from foreclosure or repossession, and offers a planned procedure for rebuilding credit over time.
It is essential to weigh the potential impact of bankruptcy on assets, credit and limitations before deciding if it’s a good option. A financial counsellor 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 now and has teamed industry insights with robust technology to create an end-to -end bankruptcy solution that lowers risks and costs. Our bankruptcy solutions allow servicers to swiftly and accurately inform creditors of bankruptcy filings and to receive notifications when the status of the case changes, and they can automate the process to increase recoveries and https://brittandcatrett.com/2020/03/28/small-business-is-the-best-start minimize operational workloads. The solution allows servicers also to design, modify, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for their completion.
