Business Loan Workouts And Modifications Can Be Effective Alternatives To Bankruptcy
Bankruptcy Is Not The Only Option
When your business is struggling to stay afloat, you need options beyond just shutting the doors of your company. Hard work has gone into the building of your company. Employees rely on you for their jobs and steady paychecks. For some, Chapter 11 filings are necessary. For others, non-bankruptcy options are a better fit.
At Sheehan & Associates, P.L.C, we provide personalized representation for our business clients. We assess their situation and identify the best strategies to get out from under unmanageable debt. Often, that planning takes the form of loan workouts and modifications.
Detroit Business Loan Workouts And Modifications
Since loan workouts do not provide the protection of bankruptcy, we move fast in negotiating with your creditors. Many of our clients are facing foreclosure actions on the building where they do business and the possible loss of other assets.
We work with lenders on your behalf while you focus on your business operations. We are aware of various internal programs that many banks have in terms of restructuring. While it is in your best interests to negotiate, your creditor also benefits from keeping payments coming in. Seizing assets and foreclosing on commercial property is a more expensive proposition.
We work hard to secure a compromise and get you the fresh start you need.
For more information or to schedule an appointment with an experienced southeastern Michigan attorney on steps to take to modify debt and avoid foreclosure, call 248-218-1473 or use our online contact form. Our lawyers work with businesses throughout metro Detroit from our office in Rochester Hills and our satellite office in Newport Beach, California.