Definition of "workout"
  1. 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
How to use "workout" in a sentence
  1. After negotiating a workout with the creditors, the company was able to avoid filing for bankruptcy.
  2. The bank suggested a workout to help the struggling homeowner avoid foreclosure.
  3. An effective workout was customized to help the debt-ridden individual manage her massive credit card debt easily.

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