Alternatives to Bankruptcy

Pennsylvania Workout Attorneys

The attorneys at Cunningham & Chernicoff have extensive experience in all aspects of bankruptcy proceedings. But for many businesses we counsel, bankruptcy is not in their best interests. In these cases, we help our clients achieve financial solvency through alternatives to bankruptcy.

Effective and Affordable Loan Workout Service

Robert E. Chernicoff, the Managing Partner of our firm, has more than 25 years of experience as a bankruptcy lawyer representing business and individual debtors. The team of lawyers he heads has a comprehensive understanding of and experience in, all aspects of bankruptcy law, including Chapter 11, Chapter 13, Chapter 7, and loan workout service.

When a business client comes to us for an initial consultation, we will carefully analyze all aspects of the company’s debts, assets, finances, and operations. If in our opinion, the underlying business is commercially viable and a bankruptcy filing is not needed, we will develop a strategy to help the business return to financial solvency through alternatives to bankruptcy. We have a great deal of experience renegotiating debts, leases, and other obligations. During the workout period, we will continue to monitor the client’s finances and operations, and make additional adjustments to the overall strategy and the representations to vendors or creditors if needed. Often, we help a client in a loan workout situation obtain additional financing or sell the business or portions of the business’ holdings.

Representing Both Debtors and Creditors

While most of our loan workout service work is on behalf of debtors, we also represent creditors in workout situations. In working for creditors, we have a range of tools we can use to protect the creditor’s rights while avoiding a forced bankruptcy, including the lender's recovery of collateral through the use of judicial and non-judicial property foreclosure proceedings, deeds in lieu of foreclosure, and the recovery of rents under deeds of trust and assignment of rents.