Business Debts & Workouts

How Business Debt Workouts Can Help


When businesses become saddled with mounting debt and their financial stability is failing, many business leaders believe that filing for bankruptcy is the only path available to save the company.

At Nickless, Phillips and O’Connor, a Fitchburg, Massachusetts, business law and bankruptcy law firm, we know that bankruptcy can give businesses a fresh start — but it is not the right choice for every business.

Finding The Right Path For Your Business


When you work with our lawyers, we take the time to learn your business. Then, we identify the best possible solutions to help you move your business toward a stronger financial future. Often, debt restructuring, also known as a “workout,” serves as a viable alternative to bankruptcy, using a variety of different techniques and tools, including:

  • Trust mortgages
  • Assignments for the benefit of creditors
  • Compilations
  • Receiverships

Debt workouts allow businesses to avoid a drawn-out, expensive court process by reaching agreements with creditors through negotiation to modify debts. These arrangements allow debtors to satisfy financial obligations while giving them the time and resources they need to revitalize the business.

We guide clients through every aspect of a debt workout, thoroughly evaluating possible options and explaining the short- and long-term effects that each carries. We understand that financial transactions are often time-sensitive, which is why we are both responsive and diligent so that your rights are protected every step of the way.

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