A variety of bankruptcy solutions are available to help consumers get back on track with their finances. The filing for bankruptcy should be handled under the guidance of a bankruptcy attorney after budgeting credit counseling, budgeting or debt consolidation have failed. Filing for bankruptcy allows consumers to get rid of a large portion of their debts and reduce the stress of the late payment and concentrate on rebuilding their credit.
Consumer proposals, debt consolidation, or informal debt settlements are also viable options to lower the amount of debts, without having liquidate assets or file for bankruptcy or have a bankruptcy note of 10 years on their credit report. However, consumers should be cautious when pursuing these alternatives, as they can cause more financial difficulties if they are not handled appropriately by a trusted professional.
Businesses can also implement various bankruptcy strategies to improve cash flow https://brittandcatrett.com/ and manage debt. These options include implementing an operating capital loan, exploring accounts receivable factoring or engaging in discussions on restructuring debt with creditors. These options can help businesses reduce financial risks, obtain financing to continue operations and avoid bankruptcy.
Best Case by Stretto, the industry’s most popular case preparation and filing software is used to prepare more than 80 percent of bankruptcy petitions and cases filed in the United US. With its robust workflows and time-saving features, this top-of-the-line technology simplifies tasks and eases administrative burdens for busy professionals. Stretto also offers bankruptcy trustees unparalleled technology tools and comprehensive ancillary services that increase productivity and improve efficiency.
