There are a number of options for consumers who are looking to get their finances back on the right track. A bankruptcy filing must be handled under the guidance of a bankruptcy lawyer after budgeting, credit counseling or debt consolidation have failed. Filing for bankruptcy allows consumers to get rid of many of their debts, reduce the stress associated with late payments, and concentrate on rebuilding their credit.
Consumer proposals, debt consolidation or informal debt settlements are also viable options to lower the amount of debts without having to liquidate assets or file for bankruptcy, or have a 10-year bankruptcy record on their credit report. Consumers should be cautious when considering these options, because they could result in more financial troubles if not handled by an expert.
Businesses can also employ bankruptcy strategies to manage the burden of debt and increase cash flow. These options include implementing working capital loans, exploring accounts receivable issues or engaging in debt negotiation discussions with creditors. These options can help businesses risk management and small business reduce financial risks, secure funding to continue operations, and avoid bankruptcy.
Best Case by Stretto, the industry’s leading software for filing and preparing cases can be used to prepare more that 80% of bankruptcy petitions and cases filed in the United States. This best-in class technology, with its robust workflows and time-saving features, makes tasks easier for busy professionals. Stretto provides bankruptcy trustees with the most comprehensive array of ancillary and technological services that increase productivity and efficiency.
