Many bankruptcy options are available to help consumers get on track with their finances. The filing for bankruptcy should be done under the guidance by a bankruptcy lawyer once budgeting credit counseling, budgeting or debt consolidation have not worked. In filing for bankruptcy, consumers the opportunity to eliminate many of their bills, alleviate the stress caused by overdue payments and refocus their efforts on repairing their credit.
Consumer suggestions, debt consolidation or informal debt settlements are an option to reduce large debts, without having to liquidate assets or file for bankruptcy or have a 10-year bankruptcy note on their credit report. However consumers should be cautious when taking these choices, as they can cause more financial troubles if not handled properly by a trusted professional.
Businesses can also implement bankruptcy strategies to manage the burden of debt and increase cash flow. These strategies include implementing the working capital loan, exploring accounts receivable factoring or engaging in debt restructuring discussions with creditors. These strategies can help businesses minimize financial risks, and secure financing to continue operations and avoid bankruptcy.
Best Case by Stretto, the industry’s leading case preparation and filing software can be used to prepare more that 80% of bankruptcy petitions and cases filed in the United US. This best-in class technology, with its robust workflows and time saving features, simplifies tasks for busy professionals. Stretto provides bankruptcy trustees with an extensive array of ancillary and technological solutions that increase efficiency and productivity.