You May Not Have to File Bankruptcy
At The Lobel Firm, L.L.P., our philosophy is that Chapter 11 bankruptcy is the last resort. Our lawyers will suggest bankruptcy only when all other options have been exhausted. More than 40 years of experience have taught us that there are many other options, including:
- Debt workouts and restructuring
- Assignments for the benefit of creditors
- Loans to financially distressed entities
Each of these bankruptcy alternatives has strengths and weaknesses. Debt workouts and restructuring, for example, can yield results that are much less costly than filing Chapter 11. However, achieving those results is no easy task. Not all creditors will be eager to participate in negotiation, so you must choose a lawyer who is able to clearly communicate to creditors and convince them that negotiation could benefit them as well. Some alternatives may not be realistic, depending on the situation. Lenders may simply be unwilling to offer loans to financially distressed entities. Even if they are, the terms of the new or restructured loan may not be satisfactory.
Los Angeles Bankruptcy Avoidance Attorney
The strategy we employ will vary depending on the client and the creditors involved. There is no one-size-fits-all. Whether we are working with one creditor or a dozen creditors, we are usually able to design a strategy that is consistent with the client's ultimate goal: to overcome financial problems while also continuing ownership of assets and businesses. In many cases, we are able to achieve that goal while avoiding Chapter 11 bankruptcy.
To discuss your case with California attorneys for avoidance of Chapter 11, call 949-791-9642 or contact us via e-mail.