As people and businesses grow and evolve, their financial situations naturally change. When facing financial distress, many worry that bankruptcy is their only option and view it as the last possible resort, waiting until all other options seem to be gone before talking with an attorney. While bankruptcy may be the best option for some, it is not a one-size-fits-all matter. The attorneys at DelCotto Law Group PLLC recognize that everyone’s financial situation is unique, and they objectively assess each client’s individual concerns to determine if debt restructuring, also known as a “workout,” is a viable alternative to bankruptcy.
Debt restructuring is an out-of-court negotiating process with a business or individual’s creditors through which the borrower may reach agreements with its creditors to realign debts in a way that allows the borrower to satisfy its financial obligations. The professionals at DelCotto Law Group PLLC understand that financial transactions like these are often time-sensitive and urgent, and we promptly respond to clients’ issues and concerns. We strive to provide proactive, creative and effective solutions in a fast-paced setting.
Attorneys at DelCotto Law Group PLLC have handled debt restructuring and workout cases for both borrowers and lenders, which provides them with insight into the concerns and drivers for those sitting on both sides of the table.
Borrowers. When representing borrowers, the main objective is to negotiate with a creditor to restructure debt terms to meet the reality of the borrower’s financial situation. Although finding “reality” is often difficult for all involved, especially in today’s economic climate, DelCotto Law Group PLLC strives to think outside the box in this process and find solutions that will be palatable to both lender and borrower. If a workout is possible, the Firm’s consideration of all options may lead to solutions that avoid bankruptcy or litigation, reducing both time and expense for all involved.
Lenders. When representing lenders, the main objective is to maximize recovery from whatever course of action might produce the highest recovery. The DelCotto Law Group PLLC reviews and assesses the impact of potential bankruptcy and considers borrowers’ past dealings to achieve the best outcome for lenders, looking at both short-term and long-term consequences. Lenders who are willing to put in new money or wait longer terms for repayment often ask for and deserve certain concessions for being willing to work out of a situation.
From debt/cash flow problems to collections, if there is a solution other than bankruptcy, the attorneys at the DelCotto Law Group PLLC will find it. We are most effective when clients reach out to us early in the process, so if you find yourself or your business in financial turmoil, please consider contacting us as soon as possible. Our attorneys will fully evaluate and discuss all possible options with you, and carefully consider the short- and long-term effects of each option, so that we can help you navigate the best path for addressing your financial concerns. Call us at 859-231-5800 or contact us online to know more.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.