Many bankruptcy options are available to help consumers get on the right track with their finances. Only a bankruptcy filing should be completed under the supervision of a bankruptcy attorney once budgeting credit counseling, budgeting or debt consolidation have failed. By filing for bankruptcy, people are able to clear many of their debts and reduce the stress that comes with late payments and focus on repairing their credit.
Consumer proposals, debt consolidation or informal debt settlements are an option to reduce large debts, without having liquidate assets or file for bankruptcy or have a 10-year bankruptcy record on their credit report. Consumers should be cautious when evaluating these options, since they could cause further financial difficulties if not handled by a professional.
Businesses can also apply several bankruptcy options to increase cash flow and manage debt. This includes implementing the working capital loan or exploring accounts receivable factoring or engaging in debt restructuring discussions with creditors. These options can help businesses reduce their financial risks, secure funding to continue operations, and avoid bankruptcy.
Best Case by Stretto, the leading software for filing and case preparation, is used to prepare more than 80% of bankruptcy petitions and cases filed in the United US. This top-of-the-line technology with its powerful workflows and time saving features, helps busy professionals. Stretto also offers bankruptcy trustees incredible technology tools and extensive additional services that improve productivity and improve efficiency.