There are many choices available to people who are looking to get their finances back on track. The filing for bankruptcy should be completed under the supervision of a bankruptcy lawyer after budgeting and credit counseling or debt consolidation have not worked. The filing of bankruptcy permits consumers to eliminate a lot of their debts, lessen the stress that comes with late payments and focus on rebuilding their credit.
A consumer proposal such as debt consolidation, informal debt settlements may also be viable options to get rid of large debts without the need to liquidate assets or file for bankruptcy. Or live with a 10 year bankruptcy note on their credit report. Consumers should be cautious when evaluating these options, as they could cause further financial issues if they are not handled correctly by an expert.
Businesses can also employ a variety of bankruptcy solutions to improve cash flow and manage debt. These options include taking out working capital loans or exploring accounts receivable factoring or engaging in debt restructuring discussions with creditors. These options can help businesses limit financial risks, get financing to sustain operations and avoid bankruptcy.
Best Case by Stretto, the industry’s most popular software for filing and preparation of cases is used to prepare more than 80% of bankruptcy petitions and cases filed in the United US. The most advanced technology, with its powerful workflows and time saving features, makes tasks easier for busy professionals. Stretto also provides bankruptcy trustees with the most advanced technology tools as well as comprehensive ancillary services that increase efficiency and productivity.