Many people end up in debt that they aren’t able to pay, usually due to unexpected medical bills or an income loss. This can be stressful and, in a few cases it can be debilitating. There are federal laws which offer bankruptcy solutions to citizens to get a fresh start.
The bankruptcy process has many benefits which include stopping harassment from creditors and allowing debt discharge and much more. It also grants exemptions to essential assets like cars and homes from foreclosure or repossession and provides a method to rebuild credit over time.
It is essential to weigh the possible consequences of bankruptcy on your assets, credit and limits when making a decision on whether it’s a viable option. Talking with a financial professional or bankruptcy attorney can give valuable advice and insight into what type of solution is best based on the individual’s financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing the latest industry knowledge with advanced technologies to create an extensive, end-to-end solution for managing bankruptcy that helps lower costs and risk. Our bankruptcy solutions give servicers the ability to inform creditors quickly and accurately of bankruptcy filings, get updates when dispositions of cases change, and automate the process to maximize recovery and reduce operational workloads. The solution allows servicers also to prepare, modify, and approve court forms, which includes the U.S. Bankruptcy Court Proof https://brittandcatrett.com/2020/09/15/vdr-can-be-an-ideal-tool-to-help-small-business-owners-get-their-data-organized-for-various-purposes/ of Claim. Upload documents, print or send forms to third party servicers for completion.
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