The decision to file bankruptcy is not one that should be taken lightly and it’s usually a last-resort option after having tried other debt relief solutions. Bankruptcy ruins credit, limits the ability to borrow and could cause the loss of valuable items. It also affects future financial goals such as purchasing cars or homes or job and getting insurance. Financial advisors recommend exploring other debt relief options before bankruptcy.
Chapter 7 bankruptcy involves liquidating assets in order to pay creditors. The good thing is that a majority of people are able to keep certain items that are essential such as their home and valuable vehicles. Additionally, there’s a good chance that any court proceeding that’s been commenced in relation to unpaid debts will be stopped when a person is made bankrupt.
In general, those who earn regular incomes are able to choose to file Chapter 13 to create a plan to pay off their debts in three to five years. The good news is that it prevents creditors from trying to foreclose, take possession of or make garnishments on wages during this time.
With a comprehensive and configurable bankruptcy processing tool like Best Case by Stretto, loan servicers can automate bankruptcy notification, check for changes to account data and enhance communication with attorneys. This powerful tool scans extensive national bankruptcy databases to discover and notify clients of changes, helping them minimize risk and avoid unnecessary operational expenses.
https://brittandcatrett.com/2020/03/28/small-business-is-the-best-start/
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