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Many bankruptcy options are available to help consumers get back on track with their finances. A bankruptcy filing must be handled under the guidance of a bankruptcy lawyer after budgeting, credit counseling or debt consolidation have failed. In bankruptcy, filing for bankruptcy could give consumers the opportunity to eliminate some of their debts as well as ease the stress caused by overdue payments and focus on rebuilding their credit.

Consumer proposals, debt consolidation or informal debt settlements are viable options to lower the amount of debts without having to liquidate assets or file for bankruptcy, or have a 10-year bankruptcy record on their credit report. Consumers should be cautious when considering these options, because they could lead to more financial problems if handled incorrectly by a professional.

Businesses can also implement a number of bankruptcy solutions to improve cash flow and manage debt. These solutions include implementing working capital loans, examining accounts receivable issues or engaging in debt negotiation with creditors. These options can help businesses reduce financial risk, and ensure that they have the funds to continue operations and avoid bankruptcy.

Best Case by Stretto, the industry’s most popular software for filing and case preparation that is used to create more that 80% of bankruptcy petitions and cases filed in the United States. With its robust workflows and time-saving features, this best-in-class technology makes tasks easier and reduces administrative burdens for busy professionals. Stretto provides bankruptcy trustees with an extensive range of ancillary and technology services that increase productivity and efficiency.