Many people end up in debt they can’t pay, usually due to unexpected medical expenses or the loss of income. This can be extremely stressful and, in certain cases, debilitating. There are federal laws that offer bankruptcy solutions to citizens to start fresh.

The bankruptcy process offers many advantages, including stopping creditor harassment and allowing debt discharge and many more. It also allows exemptions to safeguard critical assets such as vehicles and homes from repossession or foreclosure, and offers a planned process for rebuilding credit over time.

It is nevertheless important to consider the effect on credit, potential loss of assets and the limitations of bankruptcy when determining whether it is a good option. A financial expert or bankruptcy lawyer can offer valuable advice and insight on the most appropriate solution for a person’s particular financial situation.

Stretto the leader in the Chapter 7 landscape for more than 30 years and has teamed industry insights with robust technology to create an end-to -end bankruptcy solution that lowers costs and risk. Our bankruptcy solutions allow servicers to speedily and precisely notify creditors of bankruptcy filings and to receive notifications when the status of the case changes, and they can automate the process in order to increase the amount of recoveries and reduce operational burdens. Servicers can also use the solution to create, modify, and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third party servicers for completion.

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