There are a number of options for consumers who wish to get their finances back on track. The filing for bankruptcy should be made under the supervision by a bankruptcy lawyer once budgeting credit counseling, budgeting, or debt consolidation have not worked. In filing for bankruptcy, consumers the chance to cut off the majority of their debts and reduce the stress caused by late payments, and focus their efforts on rebuilding their credit.
A consumer proposal, debt consolidation or informal debt settlements may also be viable options for getting rid of large debts without the need to liquidate assets or file for bankruptcy. Alternatively, they could live with a 10-year bankruptcy notation on their credit report. However consumers should be cautious when pursuing these alternatives, as they can result in increased financial problems if not handled correctly by a reputable professional.
Businesses can also use various bankruptcy strategies to improve cash flow and manage debt. These options include implementing the working capital loan or exploring accounts receivable factoring or engaging https://brittandcatrett.com/2022/01/04/consumer-and-small-business-solutions in debt restructuring discussions with creditors. These options can help businesses reduce their financial risk, secure funds to continue operations, and avoid bankruptcy.
Used to prepare more than 80 percent of bankruptcy cases that are filed in the United States, Best Case by Stretto is the most renowned case preparation and filing software for bankruptcy attorneys and petition preparers. With its robust workflows and time-saving features, this leading-of-the-line technology helps simplify tasks and eases the workload of busy professionals. Stretto offers bankruptcy trustees the most comprehensive array of ancillary and technological solutions that increase efficiency and productivity.
