Experienced Attorneys Providing Debt Workout Services
Negotiation with creditors should not be overlooked as a debt relief solution. For instance, negotiation can be used as an alternative to Chapter 7 or Chapter 13 bankruptcy, or in conjunction with complex Chapter 11 bankruptcy. At the law firm of Glenn & Glenn, LLP in Ulster County, our attorneys have the experience to make this solution work for you.
Utilizing a Workout as an Alternative to Bankruptcy
Negotiation is a critical skill when it comes to debt workouts. With more than 25 years of legal experience on our side, our dedicated attorneys know how to negotiate. We know that effective negotiation requires some amount of leverage. In this case, what we need to leverage is the possibility of filing bankruptcy. Our lawyers will get in touch with your creditors and explain to them the impact that your filing bankruptcy will have on them. We will ask them to reduce the amount you owe, lower your interest rate or simply give you more time to make payments. We will educate them as to why this outcome will benefit them more than if you were to file for bankruptcy. You may even be able to reduce your mortgage payment.
Negotiation with creditors can be an effective bankruptcy alternative for both individuals and businesses in New York.
Workouts in Conjunction With Complex Bankruptcy
Businesses in financial trouble may need to use both negotiation and bankruptcy as a solution. For example, we can assist in negotiation with major creditors, and then after deals are worked out, we can file Chapter 11 bankruptcy. This type of bankruptcy forces those creditors who would not negotiate to comply with the reorganization plan outlined in the bankruptcy process. The end result is resolving financial trouble while staying on good terms with as many creditors as possible, creditors that may be critical to the future success of your business, should you choose to keep your business running.
Contact Us for a Free Initial Consultation
Our Hudson Valley attorneys are available to discuss debt workout issues. We are prepared to meet with you and advise you on how to move forward to achieve your goals.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
