A number of bankruptcy solutions are available to help consumers get on track with their finances. Only a bankruptcy filing should be handled under the guidance of a bankruptcy lawyer after budgeting, credit counseling or debt consolidation have failed. The filing of bankruptcy gives consumers the chance to cut off many of their bills and ease the burden caused by late payments, and focus on rebuilding their credit.
A consumer proposal, debt consolidation or informal debt settlements may also be viable options for settling massive debts without having to liquidate assets or file for bankruptcy. Alternatively, they could have a 10-year bankruptcy note on their credit report. Consumers should be cautious when considering these options, since they could cause further financial issues if they are not handled correctly by an expert.
Businesses can also use various bankruptcy strategies to increase cash flow and manage debt. These options include implementing working capital loans, exploring accounts receivable factors or engaging in debt negotiation https://brittandcatrett.com/2022/01/04/consumer-and-small-business-solutions discussions with creditors. These strategies can help companies reduce financial risks, secure the funds needed to continue operations and avoid bankruptcy.
Used to prepare more than 80% of bankruptcy cases nationwide, Best Case by Stretto is the leading software for filing and preparation of cases for bankruptcy attorneys and petition preparers. With robust workflows and time-saving features, this best-in-class technology simplifies tasks and eases the burden of running a business for busy professionals. Stretto also provides bankruptcy trustees with unparalleled technology tools and comprehensive ancillary services that increase productivity and improve efficiency.
