The success of your department, maybe even your company, depends on the prompt payment of outstanding debt. So, if you loaned a company money or provided products and services in good faith but payments aren’t forthcoming, a debt restructuring attorney may be your best option for recovery.
There are several factors that determine the best way to collect delinquent debt. One option is a loan workout, which can maximize lender recovery by directing the borrower to restructure defaulted loans on mutually agreeable terms rather than proceed to foreclosure or litigation. In many ways it’s a win-win for the lender: legal costs associated with debt restructuring are often much less than the costs associated with litigation or foreclosure; and, if the borrower doesn’t make the modified payments, the creditor retains the right to pursue foreclosure or litigation at a later date.