Many people are in debt that they are unable to pay, usually due to unexpected medical expenses or a loss of income. This can be stressful, and in some cases, debilitating. There are, however, federal laws that provide people with bankruptcy solutions to help them a new start.

Bankruptcy has many advantages that include stopping harassment by creditors and allowing debt relief and much more. It also offers exemptions for essential assets like cars and homes from repossession or foreclosure, and provides a structured method to rebuild credit over time.

However, it’s important to consider the effect on credit, the possibility of loss of assets, and the limitations of bankruptcy when deciding whether it’s an appropriate option. A financial counsellor or bankruptcy lawyer can provide valuable information and advice on the best option for a person’s particular 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 create an extensive, end-to-end bankruptcy management solution which helps to reduce costs and risk. Our bankruptcy solutions allow servicers to speedily and precisely inform creditors of bankruptcy filings. They also receive updates as case disposition changes. They also automate the process to improve recoveries and reduce operational workloads. The solution also allows servicers to prepare, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and send the forms to third parties for the completion.

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