Get Debt Relief Through Non-Bankruptcy Workouts
In some cases, filing for bankruptcy is not a viable option for people who wish to find debt relief. Fortunately, there are alternatives to bankruptcy that can help people discharge their debts, including loan workouts and debt restructuring. By talking with an experienced lawyer about your situation, you can learn how these alternatives work and what your best options are for obtaining an outcome that you desire.
At the Law Offices of Nathan Erlich, P.C., we can provide the advice you need to make informed, responsible decisions about your financial future. We will analyze your debt relief options and give you an honest assessment of what you should do, and whether bankruptcy or a non-bankruptcy workout is in your best interests. Since 1992, we have helped individuals in Queens, the Bronx, Brooklyn, Staten Island, Manhattan and the state of New York find success.
Contact our firm to schedule a free initial consultation. Discuss your case with attorney Nathan Erlich and learn more information about loan workouts in New York City.
Loan Workouts and Modifications
Non-bankruptcy remedies that are referred to as "loan workouts" are modifications of debt through an agreement between a debtor and his or her creditors. These workouts can sometimes be preferred to bankruptcy, since they avoid the stigma of bankruptcy while essentially achieving the same results. A workout does not affect the right to file a future bankruptcy, thus leaving open the possibility for future debt relief.
These workouts include:
- Compositions: An agreement between a debtor and two or more creditors, where it is agreed that partial payment will be taken in full satisfaction of debt claims
- Extensions: An agreement between a debtor and two or more creditors where the period of time for payment of debt claims is extended over a longer period of time
In some cases, it could make sense to devise an agreement that is a composition and an extension, giving the debtor more time to pay a lower amount of money on debt claims. There is no requirement in any case that all of a debtor's creditors agreement to its terms, however, and creditors who do not agree may still pursue the debts through other means.
Contact the Law Offices of Nathan Erlich, P.C.
If you would like to learn more information about workout and non-bankruptcy remedies, contact our firm and get the answers you need. Contact the Law Offices of Nathan Erlich, P.C., to schedule a free consultation. Call toll free at 877-518-7581 and make an appointment to speak with an experienced lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
