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There are a variety of options available to consumers who are looking to get their finances back on track. Only a bankruptcy filing should be done under the guidance of a bankruptcy lawyer after budgeting and credit counseling or debt consolidation have failed. In filing for bankruptcy, consumers the chance to pay off several of their debts as well as ease the stress caused by late payments and refocus their efforts towards rebuilding their credit.
Consumer proposals, debt consolidation, or informal debt settlements are viable options to reduce significant 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 considering these options, since they could cause further financial problems if handled incorrectly by a professional.
Businesses can also apply various bankruptcy strategies to increase cash flow and manage debt. These options include implementing working capital loans and exploring the possibility of factoring accounts receivable or engaging in discussions on restructuring debt with creditors. These strategies can help businesses reduce financial risk, and secure financing to continue operations and avoid bankruptcy.
It is used to prepare more than 80% of bankruptcy cases filed across the country, Best Case by Stretto is the leading case preparation and filing software for bankruptcy attorneys and petition preparers. With a robust workflow and time-saving functions, this top-of-the line technology helps simplify tasks and eases the workload of busy professionals. Stretto also provides bankruptcy trustees with unparalleled technology tools and comprehensive additional services that improve efficiency and productivity.