Many bankruptcy options are available to help people get back on the right track with their finances. However, bankruptcy should be filed under the supervision of a seasoned bankruptcy attorney and only after budgeting or debt consolidation counseling efforts have failed. The filing of bankruptcy gives consumers the chance to pay off several of their debts and reduce the stress caused by late payments and focus on rebuilding their credit.
Consumer proposals, debt consolidation, or informal debt settlements are also viable options to lower the amount of 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 result in more financial difficulties if not handled by an expert.
Businesses can also employ bankruptcy strategies to manage the burden of debt and increase cash flow. These options include implementing working capital loans as well as exploring accounts receivable financing or engaging in debt restructuring discussions with creditors. These strategies can help businesses minimize financial risks, and secure financing to keep operations going and avoid bankruptcy.
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