Many people end up in business solutions for small businesses to work optimally debt they cannot pay, usually due to unexpected medical expenses or the loss of income. This can be stressful, and in some instances, even debilitating. There are federal laws which offer bankruptcy options for people to start fresh.
The bankruptcy process offers many advantages which include stopping harassment from creditors and allowing debt relief and many more. It also allows exemptions for critical assets such as cars and homes from repossession or foreclosure and offers a method to build credit over time.
It is important to weigh the possible consequences of bankruptcy on your credit, assets and limitations when making a decision on whether it’s a viable option. A financial expert or bankruptcy lawyer can give valuable insight and guidance on the best solution to a person’s unique 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 bankruptcy management solution that helps reduce costs and risks. Our bankruptcy solutions allow servicers the ability to notify creditors quickly and accurately of bankruptcy filings, receive updates whenever dispositions in the case change and to automate the process to maximize the amount of recoveries and reduce operational workloads. Servicers can also use the solution to create, edit and approve court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or send forms to third party servicers for completion.