Loan Workouts

Business Loan Modification Attorneys



Few people benefit when a business loan goes into default — just ask the borrower, lender or creditor. For those who want their businesses to avoid litigation or corporate bankruptcy, alternatives do exist. One of the most common is known as a loan workout or loan modification agreement.


At the Chicago-based business law firm Jordan, Kowal & Apostol, our loan modification attorneys have more than 25 years’ experience in negotiating, drafting and implementing workouts. Because we represent a variety of businesses, lenders and borrowers nationwide, we are in a unique position to find debt restructuring workout solutions for our clients.


What is a loan workout?



A loan workout is a loan modification agreement that is acceptable to both the borrower and the lender. Often the business borrower is suffering temporary financial problems or a setback and would benefit from debt restructuring.

Some of the most commonly modified loan terms involve:


How do you get a loan workout?



In a loan modification agreement, the attorney plays a pivotal role in ensuring that the workout does not end up creating more legal problems than it solves.

A borrower experiencing financial difficulties should contact a loan modification attorney quickly rather than waiting for the problem to escalate. An experienced workout attorney will analyze the borrower’s financial position, then recommend a workout strategy based on the information.

An attorney with experience in debt restructuring is an invaluable part of the negotiation process. There are a number of legal traps that must be carefully avoided when debt is being restructured.

If a business is ultimately forced into bankruptcy, the loan modification must avoid any so-called preference problems—a situation in which a creditor receives favorable treatment at the expense of other creditors. A loan modification agreement may also involve additional filings pursuant to the Uniform Commercial Code.


Contact Us



At Jordan, Kowal & Apostol, we help clients across the United States resolve their business disputes and financial problems. As a boutique business law firm, we pride ourselves on our strategic thinking, creative solutions and aggressive client service. Our commonsense approach, coupled with years of experience and limited conflicts of interest, gives us the flexibility to represent businesses that many other law firms cannot handle.

To find out how Jordan, Kowal & Apostol can help you with a workout or loan modification agreement, contact Gregory Jordan by calling 312-854-7181, e-mailing gjordan@jka-law.com or filling out our online contact form