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.