Many people are in debt that they aren’t able to pay back, typically due to unexpected medical expenses or a loss of income. It can be a stressful experience, and sometimes even debilitating. There are federal laws which offer bankruptcy options for people to get a fresh start.

The bankruptcy process offers many advantages, including stopping creditor harassment and allowing debt relief and much more. It also offers exemptions for critical assets such as cars and homes from repossession or foreclosure and offers a structured way to rebuild credit over time.

However, it’s crucial to consider the impact on credit, potential loss of assets, and the limitations of bankruptcy when determining whether or not it’s a viable option. Talking with a financial professional or bankruptcy lawyer can provide valuable guidance and insight into which solution is best based on one’s unique financial situation.

Stretto, a leader in the Chapter 7 landscape for more than 30 years, has partnered industry insights with a robust technology to create an end-to-end bankruptcy solution that minimizes costs and risks. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately about bankruptcy filings, and receive updates when case dispositions change, and automate the process to maximize recovery and reduce operational burdens. The solution also allows servicers to create, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim Upload documents and print or email forms to third parties for the completion.

check it out