Many people end up in debt that they can’t pay, usually due to unexpected medical expenses or a loss of income. This can be extremely stressful and, in some cases, debilitating. Thankfully, there are federal laws that provide people with bankruptcy options to give them a fresh start.

The bankruptcy process offers many advantages, including stopping creditor harassment, allowing debt discharge, and much more. It also grants exemptions to critical assets such as cars and homes from repossession or foreclosure and provides a method to build credit over time.

It is nevertheless important to consider the impact on credit, the potential loss of assets and limitations of bankruptcy when deciding whether it’s an appropriate option. A financial counsellor or bankruptcy lawyer can provide valuable insight and guidance on the best option to a person’s unique financial situation.

For https://brittandcatrett.com/2021/07/08/generated-post 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, end-to-end solution for managing bankruptcy that reduces costs and risks. Our bankruptcy solutions enable servicers to rapidly and accurately notify creditors of bankruptcy filings. They can also receive updates as the case disposition changes, and to automate the process to increase recoveries and reduce operational workloads. The solution also allows servicers to design, modify, and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third parties for completion.