Sometimes a bankruptcy proceeding or other court intervention is not necessary—and in many cases counterproductive—in working through the difficult financial issues that may face a business. Debtors will usually find that, for a variety of different reasons, not the least of which is cost, Chapter 11 is a last resort. Creditors can often make out better through a carefully structured out-of-court strategy to collect its debt.

In either case, very often the debtor is undergoing, or at least needs to undergo, some sort of financial restructuring. The lawyers at Bodoff & Associates understand the various components that distinguish a healthy business from a financially ailing one. They can help both debtors and creditors understand whether there are realistic alternatives to a bankruptcy filing or litigation and help structure settlements between debtors and creditors in connection with the financial restructuring. Among the services offered by Bodoff & Associates are:

• Assisting financially-troubled companies in implementing changes to its operations and financial structure.

• Advising creditors on the feasibility of pursuing an out-of-court workout versus the litigation or bankruptcy alternative.

• Negotiate settlements of debts.

• Implementing and executing a formal structure to allow for the out-of-court resolution of claims against a financially-troubled business.

• Advising officers, directors and shareholders as to various course of action in conjunction with a financial restructuring.