Many people find themselves in debt they cannot pay, often due to unexpected medical expenses or an unexpected loss of income. It can be stressful and, in some cases difficult to deal with. There are, however, federal laws that provide citizens with bankruptcy solutions to help them a fresh start.
Bankruptcy has many advantages, such as stopping harassment by creditors and allowing the discharge of debts, among others. It also permits exemptions to shield important assets such as vehicles and homes from foreclosure or repossession and offers a planned process for rebuilding credit over time.
It is important to weigh the possible impact of bankruptcy on credit, assets and limitations when making a decision on whether it’s a viable option. A financial consultant or bankruptcy lawyer will offer valuable advice and insight on the best option for a particular financial situation.
For more than 30 years, Stretto has been at why not try these out the forefront of the Chapter 7 landscape, pairing industry insights with robust technologies to create an extensive, all-inclusive bankruptcy management solution that reduces costs and risk. Our bankruptcy solutions enable servicers to swiftly 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. Servicers can also use the solution to create, 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 an outside party for completion.
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