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A variety of bankruptcy options are available to help consumers get on the right track with their finances. However, bankruptcy should only be filed under the guidance of a skilled bankruptcy attorney and after budgeting, debt consolidation or credit counseling efforts have failed. In bankruptcy, filing for bankruptcy could give consumers the chance to pay off several of their debts as well as ease the stress caused by late payments and refocus 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 notice on their credit report. However consumers should be cautious about exploring these options, as they can cause more financial issues if they are not managed appropriately by a trusted professional.
Businesses can also apply several bankruptcy options to increase cash flow and manage debt. These options include the implementation of working capital loans, exploring accounts receivable factors or engaging in discussions on debt negotiation with creditors. These options can help businesses reduce financial risks, secure financing to continue operations and avoid bankruptcy.
Best Case by Stretto, the industry’s most popular software for filing and preparing cases can be used to prepare more that 80 percent of bankruptcy petitions and cases filed in the United America. With a robust workflow and time-saving features, this top-of-the-line technology simplifies tasks and eases the burden of running a business for busy professionals. Stretto provides bankruptcy trustees with a comprehensive range of ancillary and technology-related services that increase efficiency and productivity.