09 Oct Bankruptcy Solutions
Many people are in debt they aren’t able to pay back, typically due to unexpected medical expenses or a loss of income. This can be extremely stressful and, in certain cases difficult to deal with. There are federal laws which provide bankruptcy solutions for citizens to start over.
It has numerous advantages it can provide protection against harassment by creditors and allowing debt relief and much more. It also permits exemptions to protect critical assets such as homes and vehicles from foreclosure or repossession, and provides a logical process for rebuilding credit over time.
Nonetheless, it is important to think about the impact on credit, the possibility of loss of assets, and the limitations of bankruptcy when determining whether it’s a viable option. A financial advisor or bankruptcy lawyer can give valuable insight and guidance on the best solution for a person’s particular financial situation.
Stretto has been a leader in the Chapter 7 landscape for more than 30 years, has combined industry knowledge with advanced technology to create an end-to-end bankruptcy solution that minimizes risks and costs. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately of bankruptcy filings, receive notifications when case dispositions change, and automate the process in order to maximize recoveries and reduce the workload of operations. The solution also allows servicers to prepare, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim and upload documents and print or send forms to a third party for completion.
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