Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss of earnings. It can be a stressful experience, and in some cases, debilitating. There are federal laws that offer bankruptcy solutions to citizens to make a fresh start.

Bankruptcy has many advantages which include stopping harassment from creditors, allowing debt discharge, and many more. It also allows for exemptions to safeguard critical assets like vehicles and homes from foreclosure or repossession and provides a well-planned procedure for rebuilding credit over time.

It is important to evaluate the potential impact of bankruptcy on credit, assets and limits when deciding if it’s a good option. Consulting with a financial advisor or bankruptcy attorney can help give valuable advice and insight into which type of solution is most appropriate based on one’s unique financial situation.

Stretto has been a leader in the Chapter 7 landscape for more than 30 years now and has teamed industry insights with robust technology to create an end-to-end bankruptcy system that reduces costs and risks. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately of bankruptcy filings, get updates whenever dispositions in the case change and also automate the process in order to maximize recoveries and reduce operational burdens. The solution also allows servicers to create, edit and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for completion.

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