Just this week, another big financial company — CIT Small Business Lending Corporation — filed bankruptcy. CIT filed a “prepackaged” filing, in which terms for restructuring are negotiated before the bankruptcy case is filed. In more conventional bankruptcy filings, it can take a year or more before a plan is confirmed; in a pre-pak, filers [...]

We have been discussing preferential payments, defenses and avoidance tactics.  But what businesses care about most is getting paid for goods and services provided. This entry will discuss how to collect from a customer who has declared bankruptcy.