There are many alternatives available to those who want to get their finances back on track. A bankruptcy filing must be completed under the supervision of a bankruptcy attorney after budgeting and credit counseling or debt consolidation have not worked. The filing of bankruptcy gives consumers the chance to pay off many of their bills and ease the burden caused by late payments and focus their efforts on rebuilding 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 note on their credit report. Consumers should be cautious when evaluating these options, as they could lead to more financial difficulties if not handled by an expert.
Businesses can also apply several bankruptcy options to boost cash flow and manage debt. These options include implementing working capital loans, investigating accounts receivable factors or engaging in debt negotiation discussions with creditors. These strategies can help businesses mitigate financial risks, secure financing to keep operations going and avoid bankruptcy.
The software is used to prepare over 80% of bankruptcy cases nationwide, Best Case by Stretto is the leading software for filing and case preparation for bankruptcy Attorneys and petition preparers. With its robust workflows and time-saving features, this best-in-class technology simplifies tasks and eases the workload of busy professionals. Stretto also offers bankruptcy trustees incredible technology tools and extensive ancillary services that increase efficiency and productivity.