Many bankruptcy options are available to help people get back on the right track with their finances. Only a bankruptcy filing should be handled under the guidance of a bankruptcy attorney once budgeting credit counseling, budgeting, or debt consolidation have not worked. The filing of bankruptcy gives consumers the opportunity to eliminate some of their debts and ease the burden that comes from late payments and refocus their efforts on repairing their credit.
A consumer proposal, debt consolidation or informal debt settlements might be viable options for settling significant debts without having to liquidate assets, file for bankruptcy or have a 10-year bankruptcy notice on their credit report. Consumers should be cautious when considering these options, because they could lead to more financial troubles if not handled by a professional.
Businesses can also implement a variety of bankruptcy solutions to boost cash flow and manage debt. These options include implementing working capital loans, looking into the accounts receivable factor or engaging in discussions on debt negotiation with creditors. These options can help companies minimize financial risks, and secure financing to continue operations and avoid bankruptcy.
Best Case by Stretto, the industry’s leading software for filing and case preparation is used to prepare more that 80 percent of bankruptcy petitions and cases filed in the United U.S. This best-in class technology, with its robust workflows and time saving features, helps busy professionals. Stretto also provides bankruptcy trustees with unbeatable technology tools and a variety of support services that boost efficiency his explanation and productivity.