Loan Workouts & Bankruptcy

Loan Workouts and Bankruptcy

Sometimes businesses get into financial trouble.  A Chapter 11 bankruptcy allows a business to reorganize and hopefully become profitable again.  At Klun, our Minnesota Bankruptcy Attorneys can assist your business with filing the necessary paperwork and helping your business through difficult financial times.  We can also assist with Chapter 7 bankruptcies in which the business stops operations and closes.

Bankruptcy Attorneys

In a Chapter 11 reorganization the business negotiates a plan to relieve the business from having to repay its debt so it can stay in business and become profitable again.  Our attorneys can assist in preparing a disclosure statements and reorganization plan and file it with the trustee with the court. After filing a Chapter 11 bankruptcy, the business must report cash flow and progress and get approval from credits as well as confirmation from the court.

Klun attorneys can also arrange for a loan workout.  We strive to help businesses avoid bankruptcy by settling loans that are delinquent.  Loans for real estate on property that has fallen in value are ripe for a loan workout.  Our attorneys have experience working with real estate lenders and banks to arrange deals.