We Can Definitely Work Out Debt Unpaid To The Unions.

The unions have managed to create an aura of invincibility. As if they are somehow a protected, super priority that MUST get paid no matter what. It ain’t true. They are no different than any other creditor. They stand in line after the real priorities are paid and will receive nothing in most workouts.

To add insult to injury, as you may know if you deal with unions, there are two bills: the hourly wages and the benefit package. This benefit package can be as much as $20/hour or more and pays for the union’s pensions, medical insurance, vacation pay, etc. The unions like to think this, too, is an absolutely necessary payment that must be paid no matter what. No, it simply is not so.

We frequently and successfully work out union payments, no differently than any other unsecured obligation. If you have signed personal guaranties to a union obligation (seldom happens, if ever) these are also worked out according to our strategies. They stand in line in the priority of their position, typically below the bank, and thus will be unpaid.

Forget the hype, this is the reality. Fear not, union debt is fair game.