Many people end up in debt they cannot pay, usually due to unexpected medical expenses or the loss of income. It can be a stressful experience, and in some instances, even debilitating. There are federal laws that offer bankruptcy solutions to citizens to start fresh.

It has numerous advantages it can provide protection against harassment by creditors, allowing debt discharge, and more. It also allows exemptions for crucial assets such as homes and cars from foreclosure or repossession, and provides a method to rebuild credit over time.

However, it’s crucial to consider the effect on credit, the possibility of loss of assets and the limitations of bankruptcy when deciding whether it is a good option. Talking with a financial professional or bankruptcy attorney can help give valuable advice and insight into what type of solution is the best one based on the specific financial situation of each person.

Stretto, a leader in the Chapter 7 landscape for more than 30 years now, has partnered industry insights with the latest consumer and small business banking solutions technology to develop an end-to-end bankruptcy solution that reduces costs and risk. Our bankruptcy solutions allow servicers to rapidly and accurately inform creditors of bankruptcy filings. They are also able to receive updates when the disposition of a case changes. They also automate the process to boost recoveries and minimize operational workloads. The software also allows servicers to create, modify and approve court forms, including the U.S. Bankruptcy Court Proof of Claim, upload documents and print or send forms to third parties for the completion.