Southfield Non-Bankruptcy Workouts

Seeking Efficient Solutions for Your Commercial Enterprise

An out of court, non-bankruptcy workout requires coordination of a team effort. At Goldstein Bershad and Fried, PC, we have long term working relationships with the appraisers, auctioneers, liquidators, and purchasers who are necessary to make a workout work. It is fast, efficient and less expensive and more flexible than Chapter 11 while accomplishing the same objectives.

Much of the success of an out of court workout depends on creditors being treated equally and fairly. The debtor keeps more control over the liquidation than in a formal bankruptcy where a Trustee has the control. This allows the debtor more flexibility to make adjustments as may be expedient to suit the needs of the debtor as well as the creditors.

Creditors usually get their distribution much sooner than in a formal Chapter 7 bankruptcy. Depending on the complexity, liquidation, and distribution can be accomplished within months of closing the doors, rather than years as is typical of bankruptcy.

Put 100 Years of Combined Experience on Your Side

Non-bankruptcy workouts are a much more amicable solution for those facing commercial bankruptcy. Creditors will tend to prefer a faster payout, and debtors will enjoy the opportunity of avoiding many of the negative side effects bankruptcy. The Southfield bankruptcy attorneys at our firm have been assisting individuals and businesses to reach debt relief solutions for decades; we can help you too.