Commercial Loan Workouts and Non-Bankruptcy Solutions
Bankruptcy has its time and place, but it should be a last resort. If your business is deep in debt, lenders and creditors may be amenable to other solutions that allow you to keep the operation going. You may have alternatives to bankruptcy even if you are choosing to fold a business.
The law firm of Ivey, McClellan, Gatton & Talcott, L.L.P., in Greensboro, North Carolina, has counseled commercial debtors for more than 70 years. Our legal team has credentials in both bankruptcy and accounting and extensive experience in debt restructuring and dissolution. Contact us today to explore your options with knowledgeable commercial debt lawyers.
Debt Resolution Strategies for North Carolina Businesses
Two of our attorneys are certified public accountants (CPAs) who formerly worked for Big Four accounting firms. Three of our attorneys are also North Carolina State Bar-certified specialists in business bankruptcy. Our team approach and cumulative experience enable us to pursue the full spectrum of options if your commercial enterprise is overextended:
- Commercial workouts with lenders
- Direct negotiations with creditors
- Dissolution under North Carolina general statutes (Chapter 55 for corporations or Chapter 57 for LLCs)
- Commercial bankruptcy (reorganization or liquidation)
- Other debt resolution strategies
We understand that the business entity itself may not be the only concern. We work with clients who are personally exposed through individual loan guarantees to shield their own assets when restructuring debt or dissolving a business.
Greensboro and Winston-Salem Attorneys for Bankruptcy Alternatives
We can provide sophisticated analysis of your business financials to help you determine whether to dissolve the business or try to keep it afloat. We have helped owners of small and family-owned businesses across many industries achieve out-of-court workouts and other individualized solutions in lieu of filing for bankruptcy.
On behalf of a mechanical contractor, for example, we negotiated with the bank to wind down the business through Chapter 55. On behalf of a steel fabricator, we arranged to use the proceeds of an asset sale to fund a debt resolution plan with creditors. For the owner of an ice cream parlor, we restructured debts through individual negotiations with each creditor.
Because we work collaboratively, when you hire one of our Greensboro commercial debt attorneys, you will have the skills and knowledge of our entire firm as an asset in your case. We are committed to finding the solution that best protects the interests of you and your business.
Contact us to discuss your case. We represent businesses in Greensboro, Winston-Salem and the Triad, as well as the Southern Pines area.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
