There are many alternatives available to those who are looking to get their finances back on their feet. However, bankruptcy should be filed under the supervision of a skilled bankruptcy attorney and after budgeting and debt consolidation or credit counseling efforts have failed. The filing of bankruptcy permits consumers to get rid of many of their debts, lessen the stress caused by late payments and focus on repairing their credit.
Consumer proposals, debt consolidation or informal debt settlements are also feasible options to cut down on debts without having to liquidate assets or file for bankruptcy, or have a 10-year bankruptcy notice on their credit report. Consumers should be cautious when evaluating these options, as they could cause further financial issues if they are not handled correctly by an expert.
Businesses can also implement various bankruptcy strategies to improve cash flow and manage debt. These strategies include implementing the working capital loan or exploring accounts receivable factoring or engaging in discussions on restructuring debt with creditors. These strategies can help businesses reduce financial risk, and secure financing to keep operations going and avoid bankruptcy.
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