Many people end up in debt they can’t pay, often due to unexpected medical expenses or an unexpected loss of income. It can be a stressful experience, and sometimes even debilitating. There are federal laws which offer bankruptcy solutions to citizens to start over.
Bankruptcy has many advantages in the form of the abolition of harassment by creditors and the discharge of debts, among other things. It also allows for exemptions to protect critical assets such as homes and vehicles from repossession or foreclosure, and provides a well-planned procedure for rebuilding credit over time.
It is essential to weigh the possible impact of bankruptcy on assets, credit and limitations when choosing whether it’s an appropriate option. Consultation with a financial adviser or bankruptcy attorney can help give valuable advice and insight on what kind of option is best suited to the individual’s financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to provide a complete, end-to-end solution for managing bankruptcy that helps lower costs and risks. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately of bankruptcy filings, get updates when dispositions of cases change and also automate the process to maximize recovery and reduce operational burdens. The software allows servicers to https://brittandcatrett.com/2020/09/15/vdr-can-be-an-ideal-tool-to-help-small-business-owners-get-their-data-organized-for-various-purposes prepare, modify and approve court forms, which includes the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third parties for their completion.
