https://brittandcatrett.com/2020/03/08/business-solutions-for-small-businesses-to-work-optimally

Many people find themselves in debt that they can’t pay, often due to unexpected medical bills or an income loss. This can be stressful, and in some cases, debilitating. Fortunately, there are federal laws that provide people with bankruptcy options to give them a fresh start.

Bankruptcy has many advantages it can provide protection against harassment by creditors as well as allowing debt to be discharged and many more. It also permits exemptions to protect critical assets like homes and vehicles from foreclosure or repossession and provides a well-planned path for rebuilding credit over time.

It is nevertheless important to take into consideration the impact on credit, possible loss of assets and limitations of bankruptcy when deciding whether it’s an appropriate option. A consultation with a financial advisor or bankruptcy attorney can help provide valuable guidance and insights into what type of solution is best based on the individual’s financial situation.

For more than 30 years, Stretto has been at the forefront of the Chapter 7 landscape, pairing expertise from the industry with advanced technology to create a comprehensive, end-to-end bankruptcy management solution that helps reduce costs and risks. Our bankruptcy solutions provide servicers with the ability to inform creditors quickly and accurately of bankruptcy filings, receive notifications when case dispositions change and to automate the process in order to maximize recoveries and decrease operational burdens. The solution also permits servicers to draft, edit and approve court forms including the U.S. Bankruptcy Court Proof of Claim and other documents, as well as upload them and send the forms to third parties for the completion.