Many people are in debt that they can’t pay off, usually due to unexpected medical expenses or a loss in earnings. This can be extremely stressful and, in some instances difficult to deal with. There are federal laws which offer bankruptcy solutions to citizens to start over.

Bankruptcy has many advantages, such as stopping harassment by creditors and allowing the discharge of debts, among other things. It also allows for exemptions to safeguard critical assets like homes and vehicles from foreclosure or repossession, and i thought about this provides a logical way to rebuild credit over time.

It is important to weigh the potential consequences of bankruptcy on your credit, assets, and limitations when deciding whether it’s a good option. A consultation with a financial advisor or bankruptcy attorney may give valuable advice and insight into which option is best suited to the specific financial situation of each person.

Stretto is a pioneer in the Chapter 7 landscape for more than 30 years now, has paired industry insights with the latest technology to develop an end-to-end bankruptcy solution that minimizes risks and costs. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately of bankruptcy filings, receive notifications when the disposition of a case changes and also automate the process in order to maximize the amount of recoveries and reduce the workload of operations. The software allows servicers to prepare, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third parties for their completion.