nvfirm-blog

[nvfirm-blog]

Amazing Alternatives To Bankruptcy That Only Bankruptcy And Litigation Attorneys Know About

Many businesses once they hit the dead end believe that bankruptcy is the ultimate solution to their financial problems. But this is not really the case. There are many people that approach bankruptcy and litigation lawyers to help them through the process just to be told they have other options besides bankruptcy which are better off in any way. Remember, filing for bankruptcy comes with its own challenges like the costs and other complexities. On that note, many professional bankruptcy and litigation attorneys will tell you that this needs to be the last option of them all.

Among Some Of The Uncommon Options Available Out There Include:

Debt Negotiation

This is a function and duty of the bankruptcy and litigation attorney you choose to guide you through this option. Instead of filing for bankruptcy outright, the legal expert weighs the options available and decides. In the case of debt negotiation, the lawyer will act as a mediator between you the debtor and your creditors. This is actually the most preferable way to settle things out instead of proceeding to court. The option has the interests of both parties at heart and involves trying to reach an agreement on the modality through which the debtor clears all the debts owed to the creditors

Debt Litigation

This is more less the same as debt negotiation but looks more into helping the debtor to settle the debt without straining. The negotiations in this case therefore look more into how the debt can be reduced or simply coming up with a favorable repayment plan that is agreed by the parties involve

Asset Sale

In business, it is said that the business and the investors are two different entities. In case of bankruptcy, the investors may be advised by the legal professionals to buy the company assets then the amount used to pay the creditors. However, this option may involve higher payments to the creditors in the long run. It is a local arrangement amongst the stakeholders when they have confidence that the debtor has the ability to restructure without supervision by the court.

Section 363 Option

This option is actually presented when the bankruptcy case is already in court. The essence for this option is to offer a faster solution in that a fully developed asset purchase plan is presented to court for approval thus guaranteeing quick repayments and allows the business to continue operating. The only set back with this option is that it needs a potential buyer to be identified.

Alternative

In this option, a fiduciary is assigned to oversee the repayment process as the debtors resolve on the repayment terms with the creditor. This option may result to a higher payment than that achieved under chapter 11.

Well, now you know that whenever faced with financial challenges, filing for bankruptcy should not be the only option on the table. There are other options that need to be looked into comparing with a specific situation then deciding on the best one. Consider the advantages and disadvantages of each and you may understand exactly what you need to do.

Contact Us:

6623 Las Vegas Blvd South, Suite #300 Las Vegas, NV 89119 (702) 385-5544

External Links:

Website

Blogger

Issuu

Facebook

Twiiter