A number of bankruptcy solutions are available to help consumers get on track with their finances. A bankruptcy filing must be handled under the guidance of a bankruptcy lawyer after budgeting and credit counseling or debt consolidation have not worked. Filing for bankruptcy can give consumers the chance to cut off the majority of their debts as well as ease the stress caused by late payments and focus on rebuilding their credit.
Consumer proposals, debt consolidation, or informal debt settlements are feasible options to cut down on debts, without having to liquidate assets or file for bankruptcy or have a 10-year bankruptcy record on their credit report. However, consumers should be cautious when exploring these options, as they can lead to increased financial issues if they are not managed in a professional manner.
Businesses can also employ bankruptcy strategies to manage debt and improve cash flow. These options include implementing an operating capital loan as well as exploring accounts receivable financing or engaging in debt restructuring discussions with creditors. These strategies can help businesses reduce their financial risk, secure the funds needed to continue operations and avoid bankruptcy.
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