Rockland County Lawyer For Workouts And Forbearance Agreements
In today’s economy, many businesses face a difficulty making payments on debts as they become due, as a result of slow receivables, more costly contractual relationships, increased payroll obligations, or changes in the marketplace that result in a loss of income. For some businesses, a business bankruptcy is the most effective path to reorganizing the business, relieving the debt, and allowing the business to continue in a leaner and more financially healthy structure. For others, bankruptcy alternatives such as loan workouts and forbearance agreements may be a more cost-effective choice.
We know that the administrative costs of a bankruptcy filing can place more stress on an already financially burdened business. We thoroughly analyze our clients’ financial situations and future goals to arrive at a cost-effective strategy to meet our client’s unique needs.
Loan workouts may be available to protect the investments and assets of the business, retain employees’ jobs and preserve the livelihood of the business. Our law firm represents business debtors who are seeking to restructure commercial loans, helping them to:
- Maximize the value of the enterprise
- Negotiate new repayment plans with creditors
- Move quickly to implement workout details
A successful workout strategy can involve principal reductions, extension of the length of the loan, interest-only payments, extension of a balloon payment and deferred payments. We work closely with clients to develop the approach that best suits their circumstances and goals. We inform business clients of their rights, work hard to protect their assets, and help them maximize the value of their businesses for the future.
Our lawyers have extensive experience assisting businesses and their lenders in arriving at acceptable forbearance agreements. These agreements involve working out a detailed arrangement between the lender and the borrower, typically with the goal of delaying foreclosure or repossession.
Contact Us For Workout And Forbearance Representation In New York
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.