Workout of debt

EraseDebtIf your business or personal finances are buried under mountains of debt, Richard Johnston Law can help you determine the best course of action. Every situation is different and we have the experience to help you determine a plan to work out your debt, potentially without filing bankruptcy. If we determine the best debt relief option for you is to develop a workout plan, we will develop the strategy, handle negotiations with creditors, coordinate the settlement and draw up the necessary paperwork.

Most creditors are anxious to settle with debtors, especially when an attorney can provide reimbursement alternatives with a more positive outcome for the creditor than if the debtor filed bankruptcy. The creditors have no guarantee in a bankruptcy situation so they may be more motivated to reach an agreement.

If you are a business owner:

  • We will work to ensure your business continues to operate during debt settlement negotiation.
  • If you are struggling to pay off your commercial loan, you may be able to negotiate a commercial loan reduction.
  • The goal is to settle your debt with the bank at a lower amount to eliminate business debt.

Some benefits to personal workout of debt:

  • You may be able to figure out a way to manage your debt and avoid bankruptcy.
  • You may be able to make smaller payments over a longer period of time.
  • You may be able to pay a portion of the loan yet satisfy the debt.
  • You may still file bankruptcy if needed at a later date.

Some people choose to try to negotiate with their bank on their own but hiring a qualified attorney can be more beneficial. The attorney will better know how to work with the bank to reach acceptable agreements. It may also be more motivation for the bank to negotiate if they know a debtor is working with a bankruptcy attorney. Every situation is different and complex. It can be difficult for individuals to understand all the intricacies.