Creditors Take Aim at Bankruptcy
Don't let your deadbeat accounts get the best of you
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As mentioned in my February 2009 article, the Bankruptcy Code is complex and contains many requirements. However, here are some guidelines to help you deal with bankrupt (or purported bankrupt) debtors:
1. Monitor your customers’ payments. Don’t let your customers fall too far behind in their payments to you. If you think a customer is having financial difficulty and is late on payments, do not extend any further credit to him or her. Extending further credit will just increase the amount of debt that will get discharged (and unpaid to you) if the customer files bankruptcy.
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