Commercial Bankruptcy - Debtors
Detroit, Michigan Commercial Bankruptcy Attorneys 
Some banks and lenders are employing what they believe are preventative measures to avoid further economic loss on loans and lines of credit. In particular, banks are comparing the assets of a company against the debt owed on a loan in order to determine if a threat of default exists. When a bank believes a company's available assets are not enough to sustain an optimal debt cushion against a loan or line of credit, they may claim a borrower is "out of formula." As a result, a bank may call in a loan and the company may have to seek a forbearance. At Stark Reagan, we represent companies in commercial bankruptcy proceedings and debt collection actions on the part of banks and other lenders. We can often negotiate a loan modification in addition to a forbearance in order to allow companies the time they need to regain their financial footing.
If your business is facing the recall of a loan or Chapter 11 bankruptcy, contact commercial bankruptcy attorneys at Stark Reagan today to schedule an appointment to discuss your case.
Facing Commercial Bankruptcy - Work Outs and Modifications
Our office represents and advises companies in regard to the following issues involving in commercial bankruptcy proceedings and loan modifications:
- Credit Applications
- Forbearance agreements
- Investigation / skip tracing
- Accounts receivable management
- Consultation with debtors and debtor's counsel
- Settlement agreements / releases upon payment
Saving Your Company - Avoiding Commercial Bankruptcy
In many instances, banks prefer to modify an existing loan to foreclosing on a business. Depending on the financial situation of your company, it may be possible to work out a loan modification that allows you to stay in business and avoid bankruptcy. A loan modification can reduce your monthly payments while extending the life of a loan or it may alter the interest rate offered. In general, if a bank determines it has more to gain in offering a loan modification than in you declaring bankruptcy, it will often offer a work out plan.
Contact Commercial Bankruptcy Attorneys at Stark Reagan Today
We've represented countless individuals and businesses in Chapter 7 and Chapter 11 filings for bankruptcy. Regardless whether you are faced with bankruptcy or would like information on the options available for avoiding it, we can help you. To schedule an appointment and discuss your situation, contact the law office of Stark Reagan today.
