https://brittandcatrett.com/2022/01/04/risk-management-and-small-business/
Many people find themselves in debt that they can’t pay, usually due to unexpected medical expenses or an income loss. This can be a stressful experience and, in certain cases, debilitating. Fortunately, there are federal laws that provide people with bankruptcy solutions to help them a new start.
The bankruptcy process offers many advantages which include stopping harassment from creditors and allowing debt relief and much more. It also permits exemptions to protect critical assets such as homes and vehicles from repossession or foreclosure, and provides a logical path for rebuilding credit over time.
It is crucial to consider the potential effects of bankruptcy on credit, assets and limitations when choosing whether it’s an appropriate option. Consulting with a financial advisor or bankruptcy attorney can help provide valuable guidance and insights into what type of option is best suited to the specific financial situation of each person.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing information from the field with the latest technology to create a comprehensive end-to-end bankruptcy management system which helps to reduce costs and risks. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately about bankruptcy filings, get updates when case dispositions change and automate the process to maximize the amount of recoveries and reduce operational burdens. The solution also allows servicers to create, modify and approve court documents, including the U.S. Bankruptcy Court Proof of Claim and upload documents and print or transmit forms to a third party for completion.