There are many options available to consumers who are looking to get their finances back on the right track. Only a bankruptcy filing should be handled under the guidance of a bankruptcy attorney once budgeting and credit counseling or debt consolidation have failed. In bankruptcy, consumers are able to get rid of many of their debts and reduce the stress that comes with late payments and focus on repairing their credit.
A consumer proposal such as debt consolidation, informal debt settlements may also be viable options for getting rid of large debts without the need to liquidate assets or file for bankruptcy. They could also have a 10-year bankruptcy note on their credit report. However, consumers should be cautious about taking these choices, as they could lead to more financial troubles if not handled properly by a trusted professional.
Businesses can also use several bankruptcy options to improve cash flow and manage debt. These options include implementing the working capital loan as well as exploring accounts receivable financing or engaging in discussions on restructuring debt with creditors. These strategies can help companies reduce their financial risks, secure the funds needed to continue operations and avoid bankruptcy.
It is used to prepare more than 80% of bankruptcy cases filed nationwide, Best Case by Stretto is the top software for filing and case preparation for bankruptcy attorneys and petitioners. This top-of-the-line technology with its powerful workflows and time-saving features, streamlines the work of busy professionals. Stretto also offers bankruptcy trustees incredible technology tools and extensive additional services that improve efficiency and productivity.