A variety of bankruptcy solutions are available to help consumers get back on the right track with their finances. However, bankruptcy should be filed with the guidance of a seasoned bankruptcy attorney and after budgeting or debt consolidation counseling efforts have failed. In filing for bankruptcy, people the chance to get rid of the majority of their debts, alleviate the stress caused by late payments, and focus their efforts on rebuilding their credit.

A consumer proposal such as debt consolidation, informal debt settlements can be viable options for settling significant debts without having to liquidate assets or file for bankruptcy. Alternatively, they could be stuck with a 10-year bankruptcy notation on their credit report. However, consumers should be cautious about considering these options, since they can cause more financial problems if not handled properly by a trusted professional.

Businesses can also use a number of bankruptcy solutions to increase cash flow and manage debt. This includes implementing working capital loans, exploring accounts receivable factoring or engaging in debt restructuring discussions with creditors. These options can help companies minimize financial https://brittandcatrett.com/2021/10/20/intralinks-appropriate-tool-for-usage/ risks, and secure financing to continue operations and avoid bankruptcy.

Best Case by Stretto, the industry’s leading software for filing and preparation of cases, is used to prepare more than 80% of bankruptcy petitions and cases filed in the United US. With its robust workflows and time-saving features, this top-of-the-line technology helps simplify tasks and eases administrative burdens for busy professionals. Stretto also provides bankruptcy trustees with incredible technology tools and extensive assistance to increase productivity and improve efficiency.