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Many people are in debt they can’t pay off, usually due to unexpected medical expenses or a loss of income. This can be stressful and, in a few cases it can be debilitating. Fortunately, there are federal laws that provide citizens with bankruptcy options to give them a new start.

The bankruptcy process has many benefits which include stopping harassment from creditors and allowing debt relief and many more. It also allows for exemptions to shield important assets like vehicles and homes from repossession or foreclosure, and provides a structured process for rebuilding credit over time.

However, it’s crucial to take into consideration the impact on credit, the potential loss of assets, and the limitations of bankruptcy when determining whether or not it’s an appropriate option. Consulting with a financial advisor or bankruptcy attorney can help give valuable advice and insight into which solution is most appropriate based on your unique financial situation.

Stretto the leader in the Chapter 7 landscape for more than 30 years now, has combined industry knowledge with the latest technology to develop an end-to-end bankruptcy solution that reduces risks and costs. Our bankruptcy solutions offer service providers the ability to notify creditors quickly and accurately about bankruptcy filings, receive updates when dispositions of cases change and to automate the process to maximize recoveries and decrease operational burdens. The solution also allows servicers to draft, edit and approve court documents, including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and print or email forms to an outside party for completion.