Are Workouts a Viable Alternative to Filing for Bankruptcy?

An associate with Rosen & Associates, PC, Nancy L. Kourland concentrates on chapter 11 bankruptcy and workouts, representing debtors, secured and unsecured creditors, corporations, banks and vendors in cases that require workouts. Nancy L. Kourland has an extensive background in complex research and writing and all aspects of chapter 11 reorganizations.

Navigating bankruptcy is no easy task. Sound legal representation is often the best way to manage bankruptcy. Out-of-court workouts are almost always preferred to filing bankruptcy, but they require that creditors agree with the conditions of the workout. In cases where there is more than one creditor, those that do not agree with the conditions of the workout are not subject to it, and can pursue other avenues for recovering debts.

Workouts involve negotiations that must conclude in an amenable solution for both the debtor and the creditor(s). A workout is a financial plan for repayment of debts to creditors. If a firm is capable of generating enough cash in the future to pay back their debts while sustaining their operations, a workout may be a viable alternative to filing for bankruptcy.

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The Proceedings of Chapter 11 Bankruptcy, by Nancy L. Kourland

Chapter 11 bankruptcy, or the production of a plan to allow a business to reorganize for the purpose of paying off its creditors, is often a better option for businesses experiencing difficulties than liquidation because it produces higher revenue overall than the immediate sale of all assets.

A business that has declared Chapter 11 bankruptcy has a complicated task ahead. It must produce a comprehensive list of both its assets and debts, which is made available to creditors. A plan of repayment must be created and then voted on by the creditors. If both the list and plan are approved by the court, the bankruptcy is confirmed and the plan must be carried out.

Chapter 11 bankruptcy can often be a difficult process, and there are many finer details including restrictions on the functions of the business, potential mismanagement, and details of further actions open to the business. For anyone considering filing for bankruptcy, it is advisable to contact a lawyer for detailed advice.

About the Author: An Associate at Rosen & Associates, P.C., Nancy L. Kourland specializes in the representation of both debtors and creditors in Chapter 11 cases. Nancy L. Kourland has an extensive background in in-depth legal research as well as all practical aspects of Chapter 11 cases.

Rutgers University Expands to Serve More Students, by Nancy L. Kourland

On September 28, 2012, Rutgers University formally opened its Lifelong Learning Center at Atlantic Cape Community College (ACCC) in Mays Landing, New Jersey. The University has maintained a productive relationship with ACCC for several years, and the new facility greatly increases educational opportunities for area students.

This expansion follows closely on the heels of the New Jersey Medical and Health Science Education Restructuring Act, which was signed into law in August by New Jersey Governor Chris Christie. This legislation allowed the absorption of most of the University of Medicine and Dentistry of New Jersey (UMDNJ) into the Rutgers system.

Rutgers University is a highly ranked national research university with a student body of nearly 60,000 students from all over the world. The new additions augment an already extensive network of campus locations in Camden, New Brunswick, and Newark as well as existing partnerships with community colleges across the state.

About the Author: Nancy L. Kourland is an alumna of the Rutgers University School of Communications, Information, and Library Studies, from which she earned her MLIS in 2004.