Many people end up in debt they cannot pay, often due to unexpected medical bills or the loss of income. This can be a stressful experience and, in certain cases even debilitating. Thankfully, there are federal laws that provide individuals with bankruptcy solutions that give them a chance to start over.

The bankruptcy process has numerous advantages in the form of stopping harassment by creditors and allowing the discharge of debts among other things. It also allows exemptions for important assets like cars and homes from repossession or foreclosure, and provides a method to rebuild credit over time.

However, it’s crucial to take into consideration the impact on credit, the potential loss of assets and limitations of bankruptcy when deciding whether it’s the best option. A financial counsellor or bankruptcy lawyer can offer valuable advice and insight on the best solution for a particular financial situation.

For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to create a comprehensive all-inclusive bankruptcy management solution which helps to reduce costs and risk. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately of bankruptcy filings, receive updates when the disposition of a case changes and automate the process to maximize recovery and reduce the workload of operations. Servicers can also use the solution to prepare, modify and accept https://brittandcatrett.com/2020/03/08/business-solutions-for-small-businesses-to-work-optimally/ court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for their completion.