There are many alternatives available to those who want to get their finances back on course. However, bankruptcy should only be filed with the guidance of an experienced bankruptcy lawyer and after budgeting and debt consolidation or credit counseling efforts have failed. In filing for bankruptcy, consumers the chance to cut off several of their debts as well as ease the stress that comes from late payments and focus their efforts on repairing their credit.

Consumer proposals, debt consolidation, or informal debt settlements are viable options to reduce significant debts, without having liquidate assets or file for bankruptcy, or have a 10-year bankruptcy note on their credit report. Consumers should be cautious when evaluating these options, because they could cause more financial troubles if not handled by a professional.

Businesses can also employ various bankruptcy strategies to improve cash flow and manage debt. These options include taking out an operating capital loan or exploring accounts receivable factoring or engaging in discussions on restructuring debt with creditors. These options can help businesses reduce financial risks, obtain the funds needed to continue operations and avoid bankruptcy.

Utilized to prepare more than 80 percent of bankruptcy cases that are filed in the United States, Best Case by Stretto is the most renowned software for filing and preparation of cases for bankruptcy attorneys and petition preparers. With robust workflows and time-saving features, this leading-of-the-line technology helps simplify tasks and eases operational burdens for busy professionals. Stretto offers bankruptcy trustees an extensive array of ancillary and technology-related services that boost efficiency and productivity.

more info here

Leave a Reply

Your email address will not be published. Required fields are marked *