Many bankruptcy options are available to help consumers get back on the right track with their finances. A bankruptcy filing must be done under the guidance by a bankruptcy lawyer once budgeting and credit counseling or debt consolidation have not worked. The filing of bankruptcy permits consumers to eliminate a lot of their debts, lessen the stress that comes with late payments and focus on rebuilding their credit.
A consumer proposal or debt consolidation or informal debt settlements may also be viable options for getting rid of massive debts without having liquidate assets or file for bankruptcy. Or live with a 10-year bankruptcy note on their credit report. However consumers should be cautious about exploring these options, as they can cause more financial issues if they are not managed properly by a trusted professional.
Businesses can also employ bankruptcy solutions to reduce the burden of debt and increase cash flow. These strategies include implementing a working capital loan and exploring the possibility of factoring accounts receivable or engaging in discussions on restructuring debt with creditors. These strategies can help businesses reduce their financial risks, secure financing to continue operations and avoid bankruptcy.
Best Case by Stretto, the industry’s leading software for filing and preparation of cases can be used to prepare more than 80 percent of bankruptcy petitions and cases filed in the United US. This best-in class technology, with its powerful workflows and time-saving features, simplifies tasks for busy professionals. Stretto also provides bankruptcy trustees with the most advanced technology tools as well as comprehensive support services that boost productivity and improve efficiency.
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