There are many options available to consumers who wish to get their finances back on course. However, bankruptcy should only be filed with the guidance of an experienced bankruptcy attorney and only after budgeting or debt consolidation counseling efforts have failed. In bankruptcy, filing for bankruptcy could give consumers the chance to pay off some of their debts, alleviate the stress caused by late payments and refocus their efforts on repairing their credit.

Consumer proposals, debt consolidation, or informal debt settlements are also an option to reduce large debts without having to liquidate assets or file for https://brittandcatrett.com/2020/03/28/small-business-is-the-best-start bankruptcy, or have a 10-year bankruptcy record on their credit report. Consumers should be cautious when considering these options as they could cause further financial issues if they are not handled correctly by an expert.

Businesses can also employ bankruptcy solutions to manage debt and improve cash flow. These options include implementing working capital loans, exploring accounts receivable factors or engaging in debt negotiation discussions with creditors. These options can help businesses minimize financial risks, and secure financing to keep operations going and avoid bankruptcy.

Utilized to prepare more than 80% of bankruptcy cases nationwide, Best Case by Stretto is the leading case preparation and filing software for bankruptcy Attorneys and petitioners. With its robust workflows and time-saving functions, this top-of-the line technology helps simplify tasks and eases the burden of running a business for busy professionals. Stretto provides bankruptcy trustees with an extensive array of technology and ancillary services that boost productivity and efficiency.