Many people are in debt that they aren’t able to pay back, typically due to unexpected medical expenses or a loss in earnings. This can be stressful and, in some instances it can be debilitating. There are federal laws which provide bankruptcy options for individuals to make a fresh start.

Bankruptcy has many advantages in the form of stopping creditor harassment and enabling the discharge of debts among others. It also allows exemptions to shield important assets like homes and vehicles from foreclosure or repossession, and provides a structured procedure for rebuilding credit over time.

It is important to evaluate the potential consequences of bankruptcy on your assets, credit and limitations when choosing whether it’s an appropriate option. Consulting with a financial advisor or bankruptcy lawyer can provide valuable guidance and insight into what type of option is best suited to one’s unique 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 a comprehensive end-to-end solution for managing bankruptcy that reduces costs and risk. Our bankruptcy solutions enable servicers to rapidly and accurately inform creditors of bankruptcy filings. They can also receive updates when the disposition of a case changes. They can also automate the process in order to increase the amount of money repaid and reduce operational burdens. The solution also permits servicers to draft, edit and approve court forms such as the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or transmit forms to an outside party for completion.

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