Many people end up in debt that they aren’t able to pay, often due to unexpected medical bills or a loss of income. It can be a stressful experience, and in some cases, debilitating. There are federal laws that provide bankruptcy options for individuals to start fresh.

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

It is important to evaluate the possible effects of bankruptcy on credit, assets and limitations when making a decision on whether it’s a viable option. A financial https://brittandcatrett.com/2020/09/15/vdr-can-be-an-ideal-tool-to-help-small-business-owners-get-their-data-organized-for-various-purposes counsellor or bankruptcy lawyer can offer valuable advice and insight on the best approach for a person’s specific financial situation.

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 provide a complete, end-to-end bankruptcy management solution that helps lower costs and risk. Our bankruptcy solutions allow servicers the ability to inform creditors quickly and accurately about bankruptcy filings, receive notifications when case dispositions change and automate the process to maximize recovery and reduce operational workloads. The solution allows servicers also to prepare, modify and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or email forms to third-party service providers for completion.