Many people find themselves in debt they cannot pay, usually due to unexpected medical expenses or the loss of income. It can be stressful and, in a few cases, debilitating. There are federal laws which provide bankruptcy solutions for citizens to start fresh.

The bankruptcy process offers many benefits it can provide, including stopping harassment by creditors and allowing the discharge of debts among others. It also grants exemptions to important assets like cars and homes from repossession or foreclosure and offers a method to rebuild credit over time.

It is important to evaluate the potential impact of bankruptcy on assets, credit and limits when choosing whether it’s an appropriate option. A financial consultant or bankruptcy lawyer will offer valuable advice and insight on the best approach to a person’s unique financial situation.

For more than 30 years, Stretto has been https://brittandcatrett.com/2021/07/08/generated-post-2 at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to create an extensive, end-to-end solution for managing bankruptcy which helps to reduce costs and risk. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately about bankruptcy filings, and receive updates when case dispositions change and also automate the process in order to maximize recovery and reduce operational workloads. The software also allows servicers to draft, edit and approve court forms including the U.S. Bankruptcy Court Proof of Claim, upload documents and print or email forms to third parties for the completion.