workout
- A negotiated agreement between a debtor and creditor to manage debt, potentially by payment or loan forgiveness, typically as a strategy to avoid bankruptcy or foreclosure procedures
- After negotiating a workout with the creditors, the company was able to avoid filing for bankruptcy.
- The bank suggested a workout to help the struggling homeowner avoid foreclosure.
- An effective workout was customized to help the debt-ridden individual manage her massive credit card debt easily.
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