Commercial Debt Negotiation · Loan Guarantee Litigation
If your small business is deep in debt, you may be personally exposed as well. If you are liable for debts of the business as an individual guarantor, you cannot walk away from those obligations simply by declaring bankruptcy or dissolving the company. However, it may be possible to negotiate a resolution with the lender or to have the personal loan guarantee negated.
At Ivey, McClellan, Gatton & Talcott, L.L.P., you are counseled by a team of attorneys who have years of experience in both business bankruptcy and non-bankruptcy resolutions of commercial debt. Our Greensboro, North Carolina, law firm has represented small-business owners in debt restructuring negotiations and business clients in loan guarantee litigation. Arrange a consultation today.
Greensboro Debt Restructuring Attorneys
Many of our core clients are owners of family businesses and stakeholders in closely held corporations or LLCs who are listed individually as guarantors. Our legal team includes three lawyers who are board-certified in commercial bankruptcy and two lawyers who are certified public accountants (CPAs) with experience at Big Four accounting firms. We can assess the business, the nature of the debts and your personal liability to help you make informed choices about your options.
We have helped small-business clients negotiate with banks and creditors to resolve debts through:
- Sale of the business to a third party
- Sale of assets to satisfy creditors
- Dissolution of the business
- Loan workouts and debt restructuring plans
Resolving Business Debts That Are Personally Guaranteed
If you are a guarantor of business debt, you have less leverage with lenders or creditors, especially if you have personal assets that are not immune to judgment. However, you do have certain rights and remedies under the Equal Credit Opportunity Act. By invoking lender liability statutes, we aim to gain leverage for a negotiated solution or to exempt you or your spouse from the personal asset guarantee so that you will not lose everything if the loans are called in.
Most lenders will work with commercial debtors to avoid litigation or jockeying for position in bankruptcy. If not, our experienced trial lawyers are prepared to go to court for you.
Contact us today to find out where you stand and how we can help. We represent all types of businesses in Greensboro, Winston-Salem and the Southern Pines area.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
