Many bankruptcy options are https://brittandcatrett.com/2020/03/08/business-solutions-for-small-businesses-to-work-optimally/ available to help consumers get on the right track with their finances. However, bankruptcy should only be filed under the supervision of a skilled bankruptcy attorney and after budgeting, debt consolidation or credit counseling efforts have failed. The filing of bankruptcy permits consumers to get rid of a large portion of their debts and reduce the stress caused by late payments and focus on repairing 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 notice on their credit report. However, consumers should be cautious about taking these choices, as they can result in increased financial troubles if not handled in a professional manner.
Businesses can also use a variety of bankruptcy solutions to improve cash flow and manage debt. These options include taking out a working capital loan or exploring accounts receivable factoring or engaging in discussions on restructuring debt with creditors. These strategies can help businesses mitigate financial risks, get financing to sustain operations and avoid bankruptcy.
Best Case by Stretto, the leading software for filing and case preparation can be used to prepare more than 80% of bankruptcy petitions and cases filed in the United U.S. With robust workflows and time-saving features, this best-in-class technology streamlines tasks and eases the workload of busy professionals. Stretto provides bankruptcy trustees with an extensive array of technology and ancillary solutions that increase productivity and efficiency.