While many lenders are familiar with dealing with troubled loans once they are in bankruptcy, there are a variety of non-bankruptcy alternatives that a lender should be aware of as part of its loan enforcement toolbox. Depending upon the circumstances, bankruptcy alternatives can provide a lower-cost option to formal bankruptcy proceedings with greater control, flexibility, and speed. This presentation covers three common types of bankruptcy alternatives:
- Receiverships (State and Federal)
- Assignments for the Benefit of Creditors
- Forbearance, Composition, and Deed in Lieu Agreement
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