Bankruptcy Solutions

main differences between bancorp and whole bank

Many people end up in debt that they aren’t able to pay, often due to unexpected medical bills or an income loss. It can be stressful and, in some cases it can be debilitating. Thankfully, there are federal laws that provide people with bankruptcy options to give them a fresh start.

The bankruptcy process has numerous advantages it can provide, including the abolition of harassment by creditors and the discharge of debts, among other things. It also permits exemptions to protect critical assets such as vehicles and homes from foreclosure or repossession and offers a planned way to rebuild credit over time.

Nonetheless, it is important to take into consideration the impact on credit, possible loss of assets, and the limitations of bankruptcy when determining whether it’s a viable option. Consulting with a financial advisor or bankruptcy attorney can help give valuable advice and insight into what type of solution is best based on one’s unique 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 an extensive, end-to-end bankruptcy management solution that helps reduce costs and risk. Our bankruptcy solutions allow servicers to rapidly and accurately inform creditors of bankruptcy filings. They also receive updates as case disposition changes, and to automate the process in order to increase recoveries and reduce operational workloads. The solution also allows servicers to design, modify, and accept court forms, including the U.S. Bankruptcy Court Proof of Claim. Upload documents, print or mail forms to third party servicers for completion.