Many people find themselves in debt they can’t pay, usually due to unexpected medical bills or a loss of income. It can be a stressful experience, and in some instances, even debilitating. There are federal laws that offer bankruptcy options for people to get a fresh start.
Bankruptcy has many advantages it can provide protection against harassment by creditors as well as allowing debt to be discharged and much more. It also allows exemptions to shield important assets such as vehicles and homes from foreclosure or repossession and provides a structured process for rebuilding credit over time.
It is important to evaluate the potential consequences of bankruptcy on your assets, credit and limitations when choosing whether it’s an appropriate option. A financial consultant or bankruptcy lawyer will provide valuable information and advice on the best option for a person’s specific financial situation.
For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing the latest industry knowledge with advanced technologies to provide a complete, end-to-end bankruptcy management solution that helps reduce costs and risk. Our bankruptcy solutions allow servicers to swiftly and accurately inform creditors of bankruptcy filings. They also receive updates as case disposition changes, and they can automate the process in order to increase the amount of money repaid and reduce operational burdens. The solution also permits servicers to draft, edit and approve court forms such as the U.S. Bankruptcy Court Proof of Claim Upload documents and print or transmit forms to an outside party for completion.
https://brittandcatrett.com/2022/01/04/risk-management-and-small-business/
