Commercial/Business Workouts: Preventing Bankruptcy and Foreclosure
In the recent economic downturn no part of the country has been more hard hit than Michigan, especially in the metro-Detroit area. If you are a business owner facing imminent or current financial distress, you are not alone. In fact, so many businesses are facing foreclosure and bankruptcy that lenders have become more open to considering commercial loan workouts, forbearance and other foreclosure alternatives.
The attorneys at the Bashore Green Law Group provide expert, aggressive and innovative solutions for commercial enterprises struggling to manage their overhead and debt in the Detroit area and throughout Michigan. To schedule a consultation, call us today at 586-697-2375 or contact our offices on-line.
Our lawyers will thoroughly evaluate your situation to determine the most effective strategy for representation. We handle:
- Commercial workouts: If your company or partnership is struggling to manage its debt, you can prevent foreclosure and bankruptcy by 1) convincing your creditors that you will eventually be able to pay the loan in full, and 2) negotiating loan modifications that include, at a minimum, lower interest rates or monthly payments. It is usually better for the creditor if you pay off the loan over time than if you go into bankruptcy or foreclosure. To that end we can help you to formulate a restructuring plan and to negotiate a workout in collaboration with your lender(s).
- Loan forbearance: Loan forbearance means your creditors agree to allow you to stop making payments on your loan for a period of time until you become better able to do so. We handle loan forbearance agreements for residential real estate and for business owners.
- Receiverships: A recent phenomenon, a growing number of businesses and real estate developments are failing and many lenders are moving to seize their assets to recoup on their faltering loans. In these cases, the court typically appoints a receiver — usually a bank — to assume control of the property during litigation. A lawyer can help you make sure the receiver protects your assets as well as those of your lender(s).
- Bankruptcy Protection: If all else fails, seeking bankruptcy protection can be an effective business tool to rescue your company and preserve your assets. There are many examples of companies that have successfully utilized Chapter 11 Bankruptcy to shield them from their creditors while they reorganized their business and its debt structure. These companies were able to emerge from bankruptcy unburdened by the crushing effects of unmanageable debt, and continue on to be very profitable once again.
We put our vast experience and knowledge to work for you to explore your options from various legal angles, and we do not limit ourselves to conventional methods of problem resolution. We have a reputation for finding innovative solutions that get excellent results for our clients while saving them time and money. In every case we work tirelessly to help restore your company to profitability while striving to mitigate your costs for achieving that goal.
For an initial consultation to discuss business workouts and alternatives to bankruptcy and foreclosure, call us today at 586-697-2375 or contact us on-line.
