Practice Areas:

Commercial Loan Debt Restructuring and Loan Workout Law

Financial problems can be a death knell for any business. The law firm of Skidmore & Associates is committed to helping businesses locate alternatives to dissolution and bankruptcy.

Akron restructuring law In some cases, filing for bankruptcy is not a viable option for people who wish to find debt relief. Fortunately, there are alternatives to bankruptcy that can help people discharge their debts, including loan workouts and debt restructuring. By talking with an experienced attorney about your situation, you can learn how these alternatives work and your best option for obtaining a workable outcome that you desire. Our loan workout and debt restructuring attorneys are able to resolve complex business and property issues. Our experience with loan forbearance and modification agreements, as well with complex business, financial and real estate matters provides us with the tools to successfully work with lenders to resolve your debt restructuring situation.

At Skidmore & Associates, we can provide the advice you need to make informed, responsible decisions about your financial future. We will analyze your debt relief options and give you an honest assessment of what you should do, and whether bankruptcy or a non-bankruptcy restructuring workout is in your best interests. Since 1956 we have helped businesses and individuals in northeast Ohio find viable alternatives for success.

Saving Your Business Through a Commercial Loan Workout

If you are interested in saving your business, contact an attorney at Skidmore & Associates. Our firm has experienced business lawyers on staff who will make every effort to help rehabilitate your company’s debt structure. This will involve an in-depth analysis of the problems that led to the current situation, coupled with an assessment of profit, loss, accounts receivable and other assets to determine a plan for a turn around.

Non-bankruptcy remedies referred to as "loan workouts" are modifications of debt through an agreement between a debtor and his or her creditors. These workouts can sometimes be preferable to bankruptcy, since they avoid the stigma of bankruptcy while essentially achieving the same results. A workout does not affect the right to file a future bankruptcy, thus leaving open the possibility for future debt relief. These workouts include:

Composition: An agreement between a debtor and two or more creditors, where it is agreed that partial payment will be taken in full satisfaction of debt claims.

Extension: An agreement between a debtor and two or more creditors where the period of time for payment of debt claims is extended over a longer period.

Forbearance Agreement: An agreement in which the lender agrees not to exercise certain of its legal rights, usually for a certain period of time.

Loan Modification Agreement – Loan matures but borrower cannot pay off the outstanding balance but can otherwise comply with the terms of the loan.

In some cases, it may be advisable to devise an agreement that is a combination of two or more of these alternatives. In other situations, a purchase price reduction agreement or a deed in lieu of foreclosure may be appropriate and provide the greatest relief. There is no requirement in any case that all of a debtor's creditors agree to its terms, however, and creditors who do not agree may still pursue the debts through other means.

Our goal is to assist you in making choices that keep your business running; providing you with the opportunity to return to a state of thriving profitability.

The closing of a business due to financial problems obviously affects more than the ownership structure. A commercial loan workout can save the jobs of your loyal employees. Let the attorneys at Skidmore & Associates help you find options that keep your company running and staff members employed.

The real estate attorneys of Skidmore & Associates have represented clients throughout Northeast Ohio including Akron, Barberton, Bath,Canal Fulton, Canton, Copley, Cuyahoga Falls, Fairlawn, Green, Hudson, Jackson Twp., Lakemore, Macedonia, Massillon, North Canton, Norton, Peninsula, Springfield Twp., Stow, Twinsburg, Wadsworth, Wooster, Cuyahoga County, Stark County, Summit County, Wayne County, and Medina County .