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Bankruptcy Solutions – Why Bankruptcy Is The Last Resort

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The decision to file for bankruptcy is not one to be taken lightly and it’s typically a last resort option that comes after attempting other debt relief options. Bankruptcy can sabotage credit, make it difficult to access loans, and result in the loss of valuable possessions. It also impacts future financial goals like buying automobiles or a house or obtaining a job, as well as getting insurance. Financial advisors suggest exploring other options for debt relief prior to bankruptcy.

Chapter 7 bankruptcy involves liquidating assets in order to pay creditors. The good news is most people can keep their main possessions like their home or expensive vehicle. Additionally, there’s a good possibility that any court action which has been filed in relation to unpaid debts will be halted when someone is declared bankrupt.

Most people who have a regular incomes can opt to make an application for Chapter 13 which allows them to come up with a plan to pay off their debts over a period of three to five years. The best part is that it blocks creditors from trying to foreclose, seize or take wages as garnishments during this time.

With a robust and customizable bankruptcy processing tool like Best Case by Stretto, loan service providers can automate bankruptcy notification and keep track of changes to account information and improve communication with attorneys. This powerful tool searches vast bankruptcy databases across the nation to automatically find and notify customers of any changes, allowing them to minimize risk and avoid unnecessary operational costs.

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


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