A number of bankruptcy solutions are available to help people get back on the right track with their finances. However, bankruptcy should only be filed under the guidance of a seasoned bankruptcy attorney and only after budgeting, debt consolidation or credit counseling efforts have failed. The filing of bankruptcy permits consumers to eliminate a lot of their debts, reduce the stress of late payments, and concentrate on rebuilding their credit.

Consumer proposals, 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 bankruptcy note of 10 years on their credit report. Consumers should be cautious when evaluating these options as they could result in more financial difficulties if not handled by a professional.

Businesses can also use a variety of bankruptcy solutions to boost cash flow and manage debt. These strategies include implementing working capital loans, exploring accounts receivable issues or engaging in debt negotiation discussions with creditors. These options can help businesses reduce financial risk, and secure financing to continue operations and avoid bankruptcy.

Best Case by Stretto, the leading software for filing and preparing cases, is used to prepare more that 80% of bankruptcy petitions and cases filed in the United US. With robust workflows and time-saving features, this top-of-the-line technology simplifies tasks and eases administrative burdens for busy professionals. Stretto provides bankruptcy trustees with an extensive range of ancillary and technological solutions that increase productivity and efficiency.

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