Many people find themselves in debt that they aren’t able to pay, usually due to unexpected medical bills or a loss of income. It can be a stressful experience, and in some instances, even debilitating. There are federal laws which offer bankruptcy solutions to citizens to start over.

It has numerous advantages it can provide protection against harassment by creditors, allowing debt discharge, and many more. It also allows for exemptions to protect important assets like homes and vehicles from foreclosure or repossession and offers a planned path for rebuilding credit over time.

Nonetheless, it is important to consider the effect on credit, potential loss of assets and limitations of bankruptcy when determining whether it is a good option. Consultation with a financial adviser or bankruptcy attorney can provide valuable guidance and insight into which option is best suited to the individual’s financial situation.

Stretto has been a leader in the Chapter 7 landscape for more than 30 years now, has paired industry insights with advanced technology to create an end-to-end bankruptcy system that reduces costs and risk. Our bankruptcy solutions allow servicers to quickly and accurately inform creditors of bankruptcy filings. They also receive updates as the business solutions for small businesses to work optimally case disposition changes. They also automate the process to increase the amount of recoveries and reduce operational burdens. The solution also allows servicers to design, modify and approve court forms, such as the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for their completion.