Many people are in debt they can’t repay, usually due to unexpected medical expenses or a loss of income. It can be stressful and, in a few cases, debilitating. There are federal laws which provide bankruptcy options for individuals to get a fresh start.

The bankruptcy process offers many advantages, including stopping creditor harassment and allowing debt discharge and much more. It also grants exemptions to crucial assets such as automobiles and homes from foreclosure or repossession, and provides a structured method to build credit over time.

However, it’s important to take into consideration the impact on credit, potential loss of assets and the limitations of bankruptcy when determining whether or not it’s a viable option. Talking with a financial professional or bankruptcy attorney may provide valuable guidance and insight into what type of solution is best based on your unique financial situation.

Stretto the leader in the Chapter 7 landscape for more than 30 years, has partnered industry insights with a robust technology to create an end-to -end bankruptcy solution that lowers costs and risks. Our bankruptcy solutions provide servicers with the ability to notify creditors quickly and accurately of bankruptcy what is software filings, and receive updates when case dispositions change and automate the process to maximize recovery and reduce operational workloads. The solution 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.