https://brittandcatrett.com/2022/01/04/risk-management-and-small-business/
A number of bankruptcy solutions are available to help consumers get back on track with their finances. However, bankruptcy should only be filed under the supervision of an experienced bankruptcy lawyer and after budgeting, debt consolidation or credit counseling efforts have failed. Filing for bankruptcy can give consumers the opportunity to eliminate several of their debts and ease the burden caused by late payments and refocus their efforts towards rebuilding their credit.
A consumer proposal such as debt consolidation, informal debt settlements could be viable options for getting rid of large debts without the need to liquidate assets or file for bankruptcy. They could also be stuck with a 10-year bankruptcy note on their credit report. However consumers should be cautious when pursuing these alternatives, as they could lead to more financial troubles if not handled correctly by a reputable professional.
Businesses can also implement bankruptcy strategies to manage the burden of debt and increase cash flow. These options include taking out working capital loans as well as exploring accounts receivable financing or engaging in discussions on restructuring debt with creditors. These options can help businesses reduce financial risks, obtain funds to continue operations, and avoid bankruptcy.
Used to prepare more than 80% of bankruptcy cases nationwide, Best Case by Stretto is the most renowned software for filing and case preparation for bankruptcy Attorneys and petitioners. This best-in class technology, with its robust workflows and time-saving features, simplifies tasks for busy professionals. Stretto also offers bankruptcy trustees unparalleled technology tools and comprehensive assistance to increase efficiency and productivity.