Many bankruptcy options are available to help consumers get on the right track with their finances. The filing for bankruptcy should be made under the supervision of a bankruptcy attorney once budgeting credit counseling, budgeting, or debt consolidation have failed. Filing for bankruptcy allows consumers to clear many of their debts, lessen the stress associated with late payments and focus on repairing their credit.
Consumer proposals, debt consolidation or informal debt https://brittandcatrett.com/2020/03/08/business-solutions-for-small-businesses-to-work-optimally settlements are also an option to reduce large debts, without having to liquidate assets or file for bankruptcy, or have a 10-year bankruptcy notice on their credit report. Consumers should be cautious when evaluating these options, because they could lead to more financial problems if handled incorrectly by an expert.
Businesses can also apply several bankruptcy options to boost cash flow and manage debt. This includes implementing an operating capital loan as well as exploring accounts receivable financing or engaging in discussions on restructuring debt with creditors. These options can help businesses reduce financial risk, and get financing to sustain 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. The most advanced technology, with its powerful workflows and time saving features, simplifies tasks for busy professionals. Stretto provides bankruptcy trustees with an extensive range of ancillary and technology-related solutions that increase productivity and efficiency.