May 2018: Consult the Expert feat. Kirk Burkley

This feature originally appeared in the May 18th edition of the Pittsburgh Business Times.

Q: When a customer has not been making payments, should I consider a “workout”? 

Advice: A “workout” is a mutually negotiated legal arrangement, signed by both creditor and debtor, in which the debtor agrees to continue making payments in exchange for more lenient terms. This modification does not include a bankruptcy filing. By contacting your customer at the first sign of trouble to discuss a workout or a refinance, you can avoid the difference between winning (getting paid) or suffering defeat at the hands of a bankruptcy court.

Kirk Burkley

Written by Bernstein- Burkley, P.C. on May 22, 2018

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