A variety of bankruptcy options are available to help consumers get back on the right track with their finances. The filing for bankruptcy should be completed under the supervision of a bankruptcy attorney after budgeting credit counseling, budgeting or debt consolidation have failed. Filing for bankruptcy allows consumers to clear many of their debts, reduce the stress of late payments and focus on rebuilding their credit.
A consumer proposal or debt consolidation or informal debt settlements could be viable options for relieving large debts without the need to liquidate assets, file for bankruptcy or live with a 10 year bankruptcy notation on their credit report. Consumers should be cautious when considering these options as they could cause further financial issues if they are not handled correctly by a professional.
Businesses can also use various bankruptcy strategies to improve cash flow and manage debt. These solutions include implementing working capital loans, examining accounts receivables and other factors, or participating in debt negotiation with creditors. These strategies can help companies reduce financial risks, secure financing to continue operations and avoid bankruptcy.
Best Case by Stretto, the industry’s leading software for filing and preparing cases, is used to prepare more that 80 percent of bankruptcy petitions and cases filed in the United U.S. With robust workflows and time-saving functions, this top-of-the line technology simplifies tasks and eases the workload of busy professionals. Stretto provides bankruptcy trustees with an extensive range of ancillary and technology-related services that increase efficiency and productivity.
https://brittandcatrett.com/2020/03/08/business-solutions-for-small-businesses-to-work-optimally
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