1. Home
  2.  » 
  3. Business & Corporate
  4.  » Bankruptcy & Reorganization

Bankruptcy & Reorganization

Bacon & Wilson’s reorganization, creditors’ rights and bankruptcy department frequently represents creditor committees, trustees in bankruptcy, debtors, and both secured and unsecured creditors in bankruptcy courts and other state and federal courts. They offer extensive experience defending and prosecuting:

  • Preference Actions
  • Fraudulent Conveyances
  • Lien Discharges
  • Tax Liability Claims
  • Non-Dischargeability Actions

Current and past clients include Fortune 500 corporations, publicly and closely held corporations, partnerships and trusts, bankruptcy trustees, creditor committees, and individuals.

They also consult with management and creditors in order to attempt to consensually restructure loans, settle trade debt, and renegotiate leases and financing packages with lenders. The firm is well versed in handling assignments for the benefit of creditors, trust mortgages, receiverships and nonbankruptcy consensual workout plans. They can also offer expertise in replevin and repossession actions, attachments, deeds in lieu of foreclosure and representation of lending institutions.

Avoiding business bankruptcy proceedings

Most small businesses are financially cyclical to some extent, with some days, weeks, months and years better than others. Although good financial planning can lessen the impact of economic downturn, many businesses do experience some level of financial hardship at one time or another. These times can be especially difficult if the business owner becomes uncertain of his ability to make a monthly payment to a secured lender.

There are ways to deal with cash-flow problems as they apply to secured lender obligations. It is important to put them into perspective by way of a timeline. Usually the inability to pay is not an unforeseen occurrence discovered on the day a payment is due, but rather is foreseeable at least 90 to 120 days in advance. This is generally the most crucial time period and is referred to as “pre-default”.

The biggest mistake small business owners tend to make during the pre-default period is ignoring the imminent financial tidal wave because they unreasonably believe that a miracle correction will set things straight. However, if the issue is acknowledged quickly at the outset, there are more options available to correct the situation. In addition, pre-default solutions are generally easier to impose and less costly than after the “tidal wave” hits.

Our attorneys can help you to avoid complex, costly, formal, and public bankruptcy proceedings when financial hardship arises.

Chapter 7 bankruptcy

Individuals who are overwhelmed with personal debt may opt to file a Chapter 7 bankruptcy. As your counselor, our legal team can help you determine if this is the best course of action or if there is a better way to turn things around. We can also relieve you of those embarrassing and hurtful collection calls and help put you on the path of financial health.

Financial Institution Representation

  • Construction project loans – Regardless of the sophistication of your financing commitments, we will provide the appropriate construction loan documentation and expertise for your deals, including projects involving multi-income, historical, and new market tax credits.
  • Purchase money financing – You need to document and secure the financing of various business assets through a perfected first priority purchase money security interest, whether as a standalone initial credit facility, or in conjunction with existing credit to third party secured lenders. We can help.
  • Asset based loans – Whether you are providing asset based financing to fund ongoing working capital needs, machinery and equipment, or commercial real estate, we can assist you with properly documenting and securing the necessary credit facilities.
  • Capital equipment leasing – When your financing commitment includes a capital equipment leasing component, we can provide you with the tools to successfully complete this portion of your overall loan package.
  • Workouts, including dispositions of businesses and asset portfolios – Lenders sometimes encounter borrowers with troubled credit. We can provide you with the necessary tools to complete a successful workout, and where necessary, a timely liquidation of both real and personal property collateral.
  • Regulatory and compliance matters – Sometimes you need timely answers to specific questions about regulatory and compliance questions in connection with your lending practices. We’ll help clear up your confusion.

What People Are Saying...

“When I had my first will done several years ago, it was one page and no fine details. Then I met attorney Gina Barry, and a dozen pages later I have a perfect will. Gina’s knowledge and attention to detail is outstanding. I highly recommend using her for any type of estate planning.” -Debbie
“I have had nothing but great results when Mike Katz has been doing work on my behalf. Mike is an excellent negotiator is a great communicator with the best interest of his clients as the top priority.” July 13, 2011


What People Are Saying...

“Hyman Darling and I have had mutual clients over the years. I continually network with attorneys, financial planners and CPAs as we each handle different aspects of clients’ needs. I cannot count the number of times Hyman has been highly spoken of, and considered the “go-to-guy” for elder law planning. He is carries himself with utmost grace, and his expertise in the field is second to none. He is in high demand amongst attorneys who need the highest level of knowledge and understanding with particular cases. Hyman’s record speaks for itself.” December 6, 2010

What People Are Saying...

“I have known Gina Barry since 2003 when we met at a professional group BNI. Since then, I have hired her to work with my mother’s estate as well as prepare my own will. I have found her integrity and expertise in her field second to none. Gina has the ability to carefully plan your life estate so you can rest assured, live your life without doubt!” December 21, 2008


What People Are Saying...

“Jeff provides our non-profit corporation with outstanding legal advice relating to the operation of a fiber optic network, cable TV PEG matters, community outreach, government relations, and non-profit regulations. He combines his comprehensive legal knowledge with experience-based advice on telecommunications and non-profit business operations to provide a ‘one stop shop’ for our company.” January 25, 2011


What People Are Saying...

Dear Gina (Barry),
Thank you once again to you and your superb team for assisting me with the MassHealth situation. You truly continue to be a life saver for me… You keep me steady by responding with terrific legal and general health solutions, which are really very appreciated.

What People Are Saying...

Julie (Dialessi-Lafley,) thank you for everything yesterday. You are truly the best attorney ever