work·out n: an undertaking or plan intended to resolve a problem of indebtedness esp. in lieu of bankruptcy or foreclosure proceedings

Merriam-Webster’s Dictionary of Law. . 1996.

An arrangement negotiated between a debtor and creditor as a way to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.
Category: Back Taxes & Tax Debt
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Bankruptcy, Foreclosure & Debt → Student Loan Debt
Category: Bankruptcy, Foreclosure & Debt → Foreclosure
Category: Bankruptcy, Foreclosure & Debt → Debt & Collection Agencies
Category: Personal Finance & Retirement → Taxes

Nolo’s Plain-English Law Dictionary. . 2009.

Also known as a restructuring. Informal repayment or restructuring arrangement between a borrower and creditors.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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