There are a number of alternatives available to those who are looking to get their finances back on the right track. Only a bankruptcy filing should be done under the guidance by a bankruptcy lawyer once budgeting and credit counseling or debt consolidation have failed. In filing for bankruptcy, consumers the chance to cut off several of their debts, alleviate the stress that comes from late payments and focus their efforts towards rebuilding their credit.
A consumer proposal or debt consolidation or informal debt settlements may also be viable options to get rid of significant debts without having to liquidate assets or file for bankruptcy. They could also live with a 10-year bankruptcy notation on their credit report. Consumers should be cautious when considering these options as they could cause more financial problems if handled incorrectly by a professional.
Businesses can also implement bankruptcy strategies to manage debt and improve cash flow. This includes implementing the working capital loan or exploring accounts receivable factoring or engaging in discussions on restructuring debt with creditors. These options can help companies minimize financial risks, and secure financing to continue operations and avoid bankruptcy.
Used to prepare more than 80 percent of bankruptcy cases nationwide, Best Case by Stretto is the industry’s premier software for filing and case preparation for bankruptcy Attorneys and petitioners. The most advanced technology, with its powerful workflows and time-saving features, makes tasks easier for busy professionals. Stretto also provides bankruptcy trustees with unparalleled technology tools and comprehensive additional services that improve productivity and improve efficiency.
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