Many people are in debt that they can’t repay, usually due to unexpected medical expenses or a loss in earnings. This can be a stressful situation, and in some cases debilitating. Fortunately, there are federal laws that can provide citizens with bankruptcy solutions to give them a new start.

The bankruptcy process has numerous advantages that include stopping creditor harassment and enabling the discharge of debts, among other things. It also allows exemptions to protect critical assets such as vehicles and homes from repossession or foreclosure, and provides a well-planned procedure for rebuilding credit over time.

However, it’s important to consider the effect on credit, the potential loss of assets, and the limitations of bankruptcy when deciding whether or not it’s an appropriate option. A financial counsellor or bankruptcy lawyer can offer valuable advice and insight 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 industry insights with robust technologies to provide a complete, all-inclusive bankruptcy management solution which helps to reduce costs and risk. Our bankruptcy solutions allow servicers 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 to maximize recoveries and reduce operational burdens. The software also allows servicers to prepare, modify and approve court forms such as the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and send the forms to third parties for their completion.

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